Debt Payoff Calculator
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Planning estimate only — not financial or tax advice. Consult a qualified professional for personal decisions. Amortization timeline from balance, APR, and fixed payment.
Rates last reviewed: July 2026
Debt details
Payoff time
32 months
Interest: $1,313.96 · Total paid: $6,313.96
- Total interest
- $1,313.96
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Fixed-payment payoff
Each month, interest accrues on the remaining balance at APR ÷ 12. Your payment first covers interest; the remainder reduces principal. The schedule repeats until the balance reaches zero.
If the payment does not exceed first-month interest, the balance never shrinks — the tool reports that the debt will not pay off at that payment level.
Example: $5,000 balance at 18% APR with $200/month pays off in about 32 months with roughly $1,300 total interest (estimate). A $3,000 credit card at 22% APR with $150/month pays off in about 24 months with roughly $570 interest (estimate).
Official sources
Rates and formulas in this calculator are based on the documentation below. Platforms change fees — confirm current numbers before pricing or payouts.
Common questions
Does this work for credit cards?
Yes — enter your statement balance, APR, and the fixed payment you plan to make each month. Real card statements may use daily balance methods and fees; use this for planning, not exact statement matching.
Should I pay more than the minimum on a credit card?
Generally yes for faster payoff and less interest — enter the payment you can make consistently, not just the minimum due.
Does this include fees?
No. Enter the balance and payment you actually make. Late fees and variable rates are not modeled.
What if my payment is too low?
If payment ≤ monthly interest, the tool shows that payoff is not possible — increase payment or seek professional advice.