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Debt payoff calculator

See when a balance could be paid off and how much interest extra payments could save.

Your numbers

Start with the example, then make it yours. Amounts are in US dollars.

For a simple estimate, APR is divided by 12. Fees and daily interest are not modeled.
A fixed amount you intend to keep paying; not a declining minimum payment.
Added to the regular payment.

How this estimate works

Applies the annual rate divided by 12 to the opening balance each month, then subtracts the fixed monthly payment. The final payment is capped at the amount owed. Compares regular payments with regular plus extra payments. If payments do not cover interest, the result explains why the balance will not be repaid. The calculation stops at 100 years.

Assumes no new purchases, fees, promotional periods, changing rates or skipped payments. Credit cards typically use daily interest and variable minimum payments, so actual statements may differ.

CFPB: Credit cards ↗

A little more clarity

Why does it say my payment is too low?

If the payment is less than or equal to the monthly interest, it cannot reduce the debt under these assumptions.

Can I enter several debts together?

For an accurate estimate, calculate each balance separately using its own rate and payment. This tool models one balance at a time.

SEE THE BIGGER PICTURE

One decision. Your whole plan.

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