Debt Payoff Calculator
Find out how many months it will take to pay off your debt. Enter current balance, interest rate, and monthly payment.
Debt Payoff Calculator
Credit card rates are often 15-25%.
Months to Pay Off
32
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How to use this calculator
- Enter your current debt balance.
- Enter the annual interest rate (APR).
- Enter your planned monthly payment.
- See the number of months to pay off.
How This Calculator Works
Enter your balance, APR, and monthly payment. The calculator iterates month by month: each month charges interest on the remaining balance, subtracts your payment, and tracks until the balance hits zero.
Formula Used
Months = −ln(1 − (balance × monthly_rate / payment)) / ln(1 + monthly_rate), where monthly_rate = APR / 12 / 100.
Example Calculation
$5,000 credit card at 18% APR with $200/month payments: about 32 months to pay off, with roughly $1,300 in total interest.
When to Use This Calculator
Use this calculator when planning to pay off credit card debt, personal loans, or any fixed-rate debt. Compare different payment amounts to see how extra payments reduce payoff time.
If your monthly payment is less than the monthly interest charge, the debt will never be paid off. The calculator returns 0 in this case. Increase your payment.
Enter whatever you plan to pay monthly. If you use only the minimum, it will take much longer.
Increase your monthly payment, even by small amounts. Paying $250 instead of $200 on a $5,000 balance at 18% saves about 8 months.
Copy the code below to embed this calculator on your site.
<iframe src="https://smartcalculators.tools/embed/debt-payoff-calculator" title="Debt Payoff Calculator" width="100%" height="400" frameborder="0"></iframe>