Debt payoff calculator.
See exactly how long it takes to clear a balance and what the interest costs you. Then watch a bigger payment pull the finish line closer.
Your debt
LiveYour payment must be larger than the monthly interest, or the balance never falls. A bigger payment cuts both the time and the interest.
Time to debt-free
32 months
to clear the balance
An estimate assuming a fixed rate and payment, not financial advice. Calculations run in your browser; nothing you enter is stored.
How it works
How a balance gets cleared
Each month, interest is added to your balance based on the APR, then your payment is taken off. Whatever is left carries into the next month. The calculator repeats that until the balance hits zero and counts the months.
A $5,000 balance at 18% with $200 a month clears in about 32 months and costs roughly $1,313.96 in interest. Raise the payment and both numbers fall fast.
Reference
Payment versus payoff time.
A $5,000 balance at 18% APR, at different monthly payments.
| Monthly payment | Time to clear |
|---|---|
| $150 | 47 months |
| $200 | 32 months |
| $250 | 24 months |
| $300 | 20 months |
| $400 | 14 months |
| $500 | 11 months |
The full guide
The complete guide to debt payoff.
How payoff time works, why interest matters, and the fastest ways to clear what you owe.
How payoff time is worked out
Your payoff time depends on three things: the balance, the interest rate and how much you pay each month. Interest is charged on the balance you still owe, so the larger the balance, the more of each payment is eaten by interest rather than reducing what you owe.
As the balance falls, less goes to interest and more to the principal, so the last few months clear quickly.
Why the minimum payment is a trap
Minimum payments are set just above the monthly interest, so almost nothing comes off the balance. That stretches the payoff over years and piles up interest. Paying even a little more than the minimum shortens the timeline dramatically.
The table above shows how each extra slice of payment cuts months off the finish line.
Snowball versus avalanche
With more than one debt, two methods help. The avalanche pays the highest-rate debt first, which saves the most interest. The snowball pays the smallest balance first, which gives quick wins and momentum.
The avalanche is cheaper on paper; the snowball can be easier to stick to. Use this calculator on each debt to compare.
Cutting the cost faster
Three levers shrink the total: pay more each month, lower the rate by moving the balance to a cheaper product, or avoid adding new charges while you pay it down. Even a one-off extra payment removes all the future interest that amount would have cost.
Check there is no prepayment penalty, then put any spare cash toward the balance to clear it sooner.
The formula
A finish
line.
Interest is charged on what you still owe, so every extra dollar of payment removes future interest and pulls the payoff date closer.
Try the loan calculator ›# Each month
interest = balance × APR/12
balance = balance + interest − payment
repeat until balance = 0
# worked example
$5,000 at 18%, $200/mo → 32 monthsQuestions
Debt questions.
How long will it take to pay off my debt?
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It depends on the balance, the APR and your monthly payment. Enter the three above and the calculator shows the months to clear it and the total interest. A $5,000 balance at 18% with $200 a month takes about 32 months.
How much interest will I pay?
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The calculator adds up the interest charged each month until the balance is gone. For the example above it is roughly $1,313.96. A higher payment lowers it sharply.
What happens if my payment is too low?
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If your monthly payment is less than the monthly interest, the balance grows instead of shrinking and the debt is never paid off. The calculator will flag this.
Should I pay the highest rate or smallest balance first?
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Paying the highest-rate debt first (avalanche) saves the most interest. Paying the smallest balance first (snowball) gives quicker wins. Both work; pick the one you will stick to.
Is this debt payoff calculator free?
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Yes. It is completely free with no sign-up, and every calculation runs locally in your browser, so nothing you enter is stored or sent anywhere.
About the developer
Jean Borg
Jean builds and maintains every calculator on freecalculators.pro from Malta, with a focus on tools that are fast, free and show their working. The debt payoff calculator uses standard amortization maths and is provided for planning and education, not as financial advice.