Debt Payoff
See how many months it takes to clear a credit-card or loan balance at a fixed monthly payment, and how much interest you'll pay getting there. It warns you if the payment is too small to ever make progress.
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💡 Good to know: Paying just the minimum sends most of your money to interest; small extra payments can cut years off the balance.
Worked example
Months: 31 · Interest: $1,714.24
How it’s solved
Worked on the example above, step by step — follow along and you can do it on paper next time, no tool required.
- Each month interest is added to the balance, then your payment is subtracted, until it reaches zero.
- Monthly interest rate = APR ÷ 100 ÷ 12
19.9 ÷ 100 ÷ 12 = 0.016583 - Add interest, subtract the payment, repeat until paid off
$6,000.00 cleared in 31 months - Interest paid = total payments − original balance
$250.00 × 31 − $6,000.00 = $1,750.00
Learn the method
Inputs
- Balance $
6000 - APR %
19.9 - Monthly pay $
250
Frequently asked
Why does it say 'never'?
If your monthly payment is less than or equal to the interest charged that month, the balance never falls — raise the payment to make headway.
Is interest compounded monthly?
Yes. Each month interest is added, then your payment is subtracted, until the balance reaches zero.