Find out how long it will take to pay off a credit card or loan, and how much interest you'll pay, based on your monthly payment.
How this debt payoff calculator works
Enter your balance, the interest rate (APR), and how much you can pay each month. The calculator shows how many months until you're debt free and the total interest you'll pay along the way. Try raising your payment to see how quickly the timeline shrinks.
The cost of minimum payments
Credit card minimum payments are designed to keep you in debt for years. Because high APRs front-load interest, paying even a bit more than the minimum can save thousands and cut years off your payoff date.
Estimates for educational purposes only — not financial advice. Card issuers may calculate interest daily; your exact figures can differ slightly.
Frequently asked questions
How long will it take to pay off my credit card?
It depends on your balance, APR, and monthly payment. This calculator simulates each month — interest is added, your payment reduces the balance — until it reaches zero, then shows the total time and interest.
Why does my balance barely go down?
On high-APR debt, a large share of each payment goes to interest. If your payment is only slightly above the monthly interest, almost nothing reduces the principal. Paying more — even a little — dramatically shortens payoff time.
What is the minimum payment to make progress?
Any payment at or below one month's interest will never pay the debt off. The calculator shows that monthly-interest threshold so you know the minimum that actually reduces your balance.
Should I consolidate my debt?
If you can qualify for a consolidation loan at a lower APR than your current debt, you may pay less interest and have a single fixed payment. Compare the new rate and any fees against your current debt before deciding.