Find Out When You Will Be Debt Free
This debt payoff calculator shows how long it will take to clear a balance, such as a credit card, and how much interest you will pay along the way. Enter the balance, the annual interest rate and the fixed amount you can pay each month to see your payoff time, total interest and total paid. Everything is calculated in your browser and nothing is stored.
Why the minimum payment traps you
On high-interest debt, a large share of each minimum payment goes to interest, so the balance barely moves. Paying only the minimum can stretch a payoff over many years and multiply the total cost. Paying a fixed amount above the minimum is the fastest way to break the cycle.
How extra payments help
Every dollar above the interest charge goes straight to the principal, which lowers next months interest and accelerates the payoff. Even a small, consistent increase to your monthly payment can cut months or years off the timeline and save a large amount of interest.
Snowball versus avalanche
With multiple debts, the avalanche method targets the highest interest rate first to minimise total interest, while the snowball method clears the smallest balance first for quick motivating wins. Both work; pick the one you will stick with.
Estimates only — not financial advice. If your payment does not cover the monthly interest, the balance will never reduce, so increase the payment to make progress.