Debt Payoff Calculator
Enter a balance, interest rate and regular payment to see an estimated payoff timeline and total interest, under the assumptions you provide. Then explore what an additional payment could do to that timeline.
The annual interest rate charged on the balance.
Estimated time to pay off $5,000 at 19.99% APR, paying $200/month.
This is a mathematical estimate based on the balance, rate and payment you enter. Real-world statements may differ due to how interest is actually charged, fees, or changes to the rate or balance over time.
How this is calculated
We simulate your payoff month by month: each month, interest is calculated on the remaining balance, then the rest of your payment reduces the principal.
This is a mathematical estimate based on the balance, rate and payment you enter — real-world statements may differ due to compounding methods, fees, or rate and balance changes over time.
Formula
Monthly interest = balance × (APR ÷ 12 ÷ 100)Principal paid = monthly payment − monthly interestNew balance = balance − principal paid, repeated until balance reaches $0Worked example
A $5,000 balance at 19.99% APR with $200/month payments takes a number of months to clear, with a portion of every payment going to interest. Adding $50/month reduces both the payoff time and the total interest paid — see the exact numbers when you enter your own figures.
This calculator provides an estimate based on the numbers and assumptions you enter. It’s for general informational purposes and does not constitute financial, tax, legal, investment or credit advice. See our disclaimer and how we calculate pages for more detail.
Frequently asked questions
We don't make that recommendation — this tool shows the mathematical effect of an additional payment under the assumptions you enter, so you can weigh the trade-offs yourself.