Debt Payoff Calculator
Estimate how long a fixed monthly payment could take to clear one balance, plus the total interest paid.
This estimate assumes one payment each month, a fixed rate, and no new charges or fees.
Your inputs stay on this page and are not saved.
- Total interest
- $3,967.25
- Total paid
- $13,967.25
The final payment may be smaller than the amount entered. Actual lender calculations and payment timing can differ.
How the calculation works
Each month, interest = remaining balance × APR ÷ 12. The payment covers that interest first, then reduces principal. Repeat until the balance reaches zero.
This estimate assumes a fixed rate, one payment each month, no new charges, and no fees. Lenders may calculate daily interest, use different rounding, or apply payments on different dates.
Reference: CFPB: How credit card interest is calculated
Debt Payoff Calculator FAQs
How does this debt payoff calculator estimate interest?
It applies the entered annual percentage rate to the remaining balance once per month, rounds that interest to the nearest cent, applies the monthly payment, and repeats until the balance reaches zero.
Why can my lender’s payoff date be different?
Many lenders calculate interest daily and apply payments according to the actual posting date. Fees, rate changes, new charges, promotional periods, and lender rounding can also change the result.
What happens when the payment is less than the monthly interest?
The balance would not fall under this model. The calculator stops and shows the estimated first month’s interest so you can test a payment above that amount.
Does an extra debt payment reduce interest?
Usually, a larger payment reduces principal sooner and lowers later interest when there is no prepayment penalty. Enter the higher amount to compare the modeled payoff time and total interest.
Can I calculate several debts at once?
This calculator models one balance and one fixed rate at a time. Run each debt separately, or combine balances only if they truly share the same rate and payment terms.
Does the estimate include credit card purchases or fees?
No. It assumes no new charges, fees, missed payments, or rate changes. Continuing to use the account can extend the payoff time and increase the interest paid.