Debt Payoff Calculator 🔒 Your data never leaves your browser.
Find out how long it takes to pay off a debt with a fixed monthly payment.
About this tool
This debt payoff calculator models revolving debt — credit cards, personal lines of credit and similar balances — where you choose a fixed monthly payment and the payoff time falls out of that choice, rather than a fixed-term loan where the payment is derived from a chosen term. Each month interest accrues on whatever balance remains, your payment is applied, and the simulation repeats until the balance hits zero, so it correctly captures how the payoff schedule speeds up as the balance shrinks.
Because interest keeps compounding on the outstanding balance, the gap between the minimum payment and a larger one is dramatic: paying just a little more than the minimum each month can cut years off the payoff time and save a substantial amount in total interest. Try raising the monthly payment above your current figure and watch how much faster the balance disappears and how much less interest you end up paying overall.
Frequently asked questions
Why did the calculator reject my monthly payment amount?
If your monthly payment is less than or equal to the interest accruing on the balance each month, the debt mathematically never shrinks — it either stays flat or actually grows, since the payment isn't even covering that month's interest charge, let alone reducing the principal. This is a real trap some people fall into with minimum credit-card payments, so the calculator flags it explicitly rather than showing a nonsensical "infinity months" result.