Debt Payoff Calculator
Debt payoff calculator for credit cards and fixed balances. Estimate payoff time, date, total interest, and total paid.
See how a fixed monthly payment affects the time and interest required to eliminate a debt. Enter the current balance, annual percentage rate, and planned payment.
This simplified calculator assumes the APR and payment stay constant, interest compounds monthly, and no new purchases or fees are added.
Frequently asked questions
Why must my payment exceed monthly interest?
If the payment does not cover accrued interest, the balance will not shrink under this model.
Does this match my card statement exactly?
Not necessarily. Issuers may compound daily, use different billing cycles, impose fees, and calculate minimum payments differently.
How can I pay debt faster?
Avoid new charges and apply extra money to principal. Compare strategies and ask the creditor how extra payments are applied.