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Debt payoff calculator

Enter your current balance, the annual interest rate, and the fixed amount you pay each month. The calculator shows how long until the debt is gone and how much interest you pay along the way.

Use it to see how many months a fixed monthly payment takes to clear a debt, plus the total interest and total amount paid.

USD
%
USD

Months to pay off

41

Balance Interest
Total interest
$2,224.67
Total paid
$12,224.67

The result updates as you type. The bar splits the total paid into the original balance and the interest you pay on top.

How does it work?

When the rate is 0%, the time is simply the balance divided by the payment. The payment must exceed the first month's interest, or the balance never falls.

Debt payoff time formula

n=−ln⁡ ⁣(1−r BP)ln⁡(1+r)n = \frac{-\ln\!\left(1 - \dfrac{r\,B}{P}\right)}{\ln(1+r)}
n
Number of monthly payments to clear the debt.
B
Current balance.
P
Fixed monthly payment.
r
Monthly interest rate (annual rate ÷ 100 ÷ 12).

A 10,000 balance at 12% paid off at 300 a month takes about 41 months, with roughly 2,225 in interest.

Expert tips

  • This payoff plan is guidance only. Real timelines depend on interest changes, fees, minimum-payment rules, and your ability to keep paying.

Method & sources

You pay the same fixed amount every month until the debt is cleared. Interest compounds monthly on the remaining balance at a fixed rate you supply. The payment must be larger than the first month's interest, or the balance never falls.

Sources

Where this method comes from — use these references to understand the formula, assumptions, and limits.

How we calculate

  • You pay the same fixed amount every month until the debt is cleared.
  • Interest compounds monthly on the remaining balance at a fixed rate you supply.
  • The payment must be larger than the first month's interest, or the balance never falls.
  • No new charges are added to the balance while you pay it off.
  • Fees, promotional rates, and minimum-payment rules are not modelled.

Limitations

  • This payoff plan is guidance only. Real timelines depend on interest changes, fees, minimum-payment rules, and your ability to keep paying.

Rounding

The months to pay off are rounded up to a whole month for display; interest and totals use full precision.

What this calculator does

When you pay a fixed amount each month, part covers the interest on the remaining balance and the rest reduces it. As the balance falls, less goes to interest and more to the balance, so the debt clears faster over time. This calculator solves for the number of months and the total interest from your balance, rate, and payment.

How to use it

  1. Enter your current balance.
  2. Enter the annual interest rate as a percentage.
  3. Enter the fixed amount you pay each month.
  4. Read the months to pay off and the total interest below.

A worked example

A 10,000 balance at 12% paid off at 300 a month clears in about 41 months. Over that time you pay roughly 2,225 in interest, for about 12,225 in total.

Why the payment has to be high enough

If your monthly payment is no larger than the first month's interest, the balance never shrinks and the debt is never repaid. The calculator asks for a payment above that threshold so a payoff time exists.

Common mistakes

  • Entering a monthly rate where an annual rate is expected. Use the annual figure; the calculator divides by 12.
  • Assuming new spending is included. The calculation assumes no new charges are added.
  • Reading the months as the cost. The total paid is the payment multiplied by the number of months.

When it's useful

Planning to clear a card, loan, or other balance, or seeing how paying a little more each month shortens the payoff and cuts interest.

FAQ

How is the payoff time calculated?
It uses the standard formula that solves for the number of monthly payments from the balance, the monthly rate, and the fixed payment. The monthly rate is the annual rate divided by 12.
Why must the payment beat the monthly interest?
If the payment only covers interest, nothing reduces the balance, so it never reaches zero. The payment has to exceed the first month's interest for a payoff time to exist.
What happens at a 0% rate?
With no interest, the time is simply the balance divided by the monthly payment, and the total interest is zero.
Does this include new spending or fees?
No. It assumes a fixed payment against a fixed balance with no new charges or fees added while you pay it down.
Which currency does it use?
The currency follows the site language. The payoff math is identical in every market.
Can I share a calculation?
Yes. Use Share to copy a link that reopens the calculator with the same balance, rate, and payment.

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<iframe src="https://wisecalcs.com/embed/en/debt-payoff-calculator" width="100%" height="520" style="border:0" loading="lazy"></iframe> <p>Calculator from <a href="https://wisecalcs.com/en/loans-mortgages/debt-payoff-calculator">WiseCalcs</a></p>