Debt Payoff Calculator
Enter your balance, interest rate, and a fixed monthly payment to see how many months it will take to pay off and how much interest you'll pay.
Last updated: September 5, 2026
Frequently asked questions
How long will it take to pay off $8,000 at 19.99% with $250/month payments?
About 47 months (just under 4 years), paying roughly $3,750 in total interest on top of the original $8,000 balance.
Why does my payment need to exceed the monthly interest?
If your payment is less than the interest charged that month, the balance grows instead of shrinking - this is why credit cards with low minimum payments can take decades to pay off.
Does paying off the highest-interest debt first save the most money?
Generally yes - this is the 'avalanche' method, and it minimizes total interest paid over time since more of your payment goes toward the balance accruing interest fastest, though some people prefer the 'snowball' method (smallest balance first) for the psychological win of clearing accounts sooner.
What's the difference between the debt snowball and debt avalanche methods?
The snowball method pays off the smallest balance first for quick psychological wins, then rolls that payment into the next-smallest debt; the avalanche method pays off the highest-interest debt first to minimize total interest paid. Avalanche saves more money mathematically, but snowball's early wins help some people stay motivated.
What happens if I set a payment lower than the interest that accrues each month?
The balance won't shrink and can grow instead, since the fixed payment isn't covering the monthly interest charge - this calculator requires a payment above the interest-only amount to produce a finite payoff time; otherwise the debt would never be paid off.
How is the payoff time actually calculated?
Each month the calculator applies interest to the current balance, subtracts your fixed payment, and repeats until the balance reaches zero, counting the number of months it takes - the same iterative process used in an amortization schedule, just tracked until payoff rather than for a fixed term.
How much interest would I pay off a $15,000 balance at 15% with $400/month payments?
It takes about 47 months to pay off, with roughly $3,700 in total interest paid over that period - increasing the monthly payment amount would shorten both the payoff time and the total interest.