Debt Payoff Calculator
Debt Payoff
Months to payoff
32
Total paid
$6,400.00
Monthly payment
$200.00
How calculations work
This calculator runs entirely in your browser; no data is transmitted externally.
- Monthly interest: the annual rate divided by 12 is applied to the outstanding balance each month.
- Payment application: monthly payment is subtracted after interest is added for that month.
- Safeguard: if the monthly payment does not cover the interest, the tool shows that payoff is not achievable with the current payment.
- Simulation: we iterate month-by-month until balance ≤ 0 or a safety limit is reached.
Results are illustrative and assume fixed interest and fixed monthly payment.
What this does
This Debt Payoff Calculator estimates how many months (and the total interest paid) it will take to fully repay a credit balance or loan when you provide a starting balance, annual interest rate, and a recurring monthly payment. It is a simple month-by-month simulation intended to give a clear timeline and an idea of interest costs under the input assumptions.
Who should use
Use this tool if you want a plain, practical projection of how long debts will last at a fixed monthly payment — for example, credit card balances, small personal loans, or short-term repayment planning. It is not a substitute for professional financial advice but works well for planning and comparing payment strategies.
How this works
The calculator applies the monthly interest (annual rate divided by 12) to the outstanding balance, then subtracts the monthly payment. This repeats until the balance reaches zero or a practical safety limit is reached to avoid infinite loops when payments are insufficient. Results assume interest is compounded monthly and there are no additional fees or late charges.
How to interpret the results
The output shows the number of months to pay off the balance and the cumulative interest paid. Shorter payoff times mean less interest but require larger monthly payments. If the monthly payment does not cover the monthly interest, the calculator will indicate that payoff is not possible under the current inputs.
Example
For a $5,000 balance at 18% APR with a $150 monthly payment the calculator shows how many months it will take and how much interest you will pay in total. This helps you compare raising payments, consolidating, or choosing targeted lump-sum payments.
Limitations & disclaimer
This estimate ignores fees, changing interest rates, and missed payments. It is only an informational projection — always confirm details with your lender or a financial advisor. For localized rules and formats see the calculators hub or the Global calculators index.