Debt Payoff Calculator
See how long it takes to pay off a debt and how much interest you pay based on your monthly payment.
Calculator
Months to payoff
32
Years to payoff
2.67
Total interest paid
$1,313.96
Total paid
$6,313.96
Projection
What is debt payoff?
This calculator shows the time and total interest to pay off a single debt based on your balance, interest rate, and monthly payment.
Example
A $5,000 credit card balance at 18% APR with $200 monthly payments takes 2 years and 10 months to pay off, costing about $1,600 in interest.
Money-saving tips
- •Pay more than the minimum — even $50 extra per month saves years of payments.
- •Consider a balance transfer card to reduce interest while you pay it down.
- •Stop adding new charges while paying down the balance.
Common mistakes
- •Paying only the minimum, which extends payoff for decades.
- •Continuing to use credit cards while paying them down.
Financial definitions
- APR
- Annual Percentage Rate — the yearly cost of borrowing, including interest and fees.
Frequently asked questions
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Estimated reading time: 5 min