Debt Payoff Calculator

How this calculator works

Each month, interest is added to your balance based on your APR, and your payment is subtracted. The calculator repeats that cycle to find the month your balance hits zero. The higher your payment relative to the monthly interest, the faster the balance falls — and the effect compounds, because a smaller balance also accrues less interest.

If your payment barely exceeds the monthly interest, most of your money services the debt without shrinking it much. That's why minimum payments on credit cards can stretch a modest balance into a decade of payments.

Two proven payoff strategies

• Avalanche — pay minimums on everything, then put every extra dollar toward the highest-APR debt. Mathematically the cheapest route.
• Snowball — put extra money toward the smallest balance first. Slightly more interest overall, but the quick wins keep many people motivated.

Tips that actually move the needle

• Any amount above the minimum goes entirely toward principal — even $25 extra per month shortens the timeline meaningfully.
• Stop adding new charges to the balance while paying it down; otherwise you're refilling the bucket you're bailing out.
• Re-run this calculator with a payment $50 or $100 higher and compare the total interest — the difference is your reward for the extra effort.