How long to pay off a debt at a fixed monthly payment.
These calculators use standard financial formulas (amortization, compound interest, marginal tax brackets) to estimate results based on the numbers you enter. They don't account for your full financial picture, and results shouldn't be treated as financial, tax, or investment advice. For decisions with real money on the line, check the numbers with a lender, accountant, or financial advisor who can see your complete situation.
Given a balance, APR, and fixed monthly payment, calculates months to payoff and total interest paid.
If your payment is less than the monthly interest accrual, the debt never pays off.
This is worth checking before committing to a 'minimum payment' plan on any high-APR debt — some minimums are set just above the interest accrual, meaning payoff can take decades even though the balance looks like it's shrinking.
$5,000 balance at 20% APR, $200/mo: pays off in 32.6 months (2.7 years). Total paid $6,521.71, of which $1,521.71 is interest.
Avalanche (highest APR first — saves most interest) or snowball (smallest balance first — momentum). Avalanche is mathematically optimal.
Enormously — every extra dollar saves future interest. Even $25 extra per month can shave months off.
You'll pay off very slowly or never — try this calculator with a slightly higher payment to see how much a modest increase actually shortens the timeline.