Debt Payoff Calculator
How long to pay off a balance — and the interest cost
Tackling a credit card or loan balance? Enter the balance, rate and your monthly payment to see how long until it's gone — and the total interest cost.
Why the minimum payment traps you
At high APRs, a small payment barely dents the balance — most of it goes to interest. Raising your monthly payment even a little can cut years (and hundreds or thousands in interest) off the payoff. Try increasing the payment and watch the interest drop.
Frequently asked questions
How can I pay off debt faster?
Pay more than the minimum, target the highest-rate debt first (the avalanche method), and avoid adding new charges.
Why won't my balance go down?
If your payment barely exceeds the monthly interest, almost nothing goes to principal. You need a payment well above the interest charge.