Debt Payoff Calculator
Estimate payoff time, total payments, and interest from balance, rate, and monthly payment.
Build your scenario
Use your actual figures where available. The output is an educational estimate based on the assumptions below.
How this debt payoff calculator works
This estimate applies a fixed monthly payment to one balance. Interest is a nominal annual rate divided by 12 and charged on the remaining balance. If the payment does not cover the first month's interest, the balance would grow and the tool stops instead of inventing a payoff date.
When to use this calculator
- See how long a fixed payment would take to clear a single card or loan balance.
- Check whether a planned payment actually covers the first month's interest.
- Compare a higher payment with a shorter payoff on the same balance. This is not an avalanche or snowball across several debts.
Related education
Read the guide → Browse all financial guides →
Frequently asked questions
Why does it say the payment is not enough?
When the monthly payment is at or below the first month's interest, the balance does not shrink. Increase the payment or check the rate.
Can I model several debts at once?
No. Enter one balance, rate and payment. Avalanche or snowball comparisons across multiple accounts are not calculated here.
Are late fees or a changing APR included?
No. The rate and payment stay fixed. Fees, penalty rates and missed payments are not modeled.