Enter a balance, APR and monthly payment to see how long it takes to clear the debt and the total interest.
How debt payoff is worked out
This calculator estimates how many months it takes to pay off a credit card or loan at a fixed monthly payment, and the total interest you’ll pay.
If your payment barely covers the interest, it warns you the balance will never clear — a common credit-card trap.
The default scenario, worked through
Take the starting scenario, a balance of 5,000. That gives a payoff time of 33. Underneath, Months to pay off comes out at 33 months and Total interest at $1,600. Change any field and every figure updates as you type.
How to use it
- Enter the current balance.
- Enter the APR and your planned monthly payment.
- Read the months to payoff and total interest.
Formula reference
months = −log(1 − balance×r ÷ payment) ÷ log(1 + r)
where r = APR ÷ 12
Questions people ask about this
How can I pay off debt faster?
Pay more than the minimum, target the highest-APR debt first (avalanche), and avoid adding new charges.
Why might a debt never clear?
If your payment is less than the monthly interest, the balance grows instead of shrinking. Pay more than the interest to make progress.
Is this financial advice?
No — it’s an estimate to help you plan. For debt strategy, consider a qualified advisor or non-profit counsellor.