Money
Debt payoff
Estimate how long a fixed monthly payment takes to clear a balance.
$
%
$
Estimated payoff time
-
- Months to payoff-
- Total interest-
- Total paid-
Balance
Assumes no new charges or fees and the same payment every month.
How it works
How the Debt Payoff Calculator works
Quick answer: A $10,000 balance at 18% APR with $300 monthly payments is paid off in 47 months (3y 11m), costing $3,967 in interest.
Formula
Each month: interest = balance × APR ÷ 12
New balance = balance + interest − payment
Repeat until the balance reaches zeroThe payment must be larger than the first month's interest, or the balance never falls.
Worked example
$10,000 at 18% APR, $300 a month. Payoff: 3y 11m. Total interest: $3,967. Total paid: $13,967.
$10,000 at 18% APR
| Monthly payment | Months | Total interest | Open |
|---|---|---|---|
| $200 | 94 | $8,622 | Open |
| $250 | 62 | $5,386 | Open |
| $300 | 47 | $3,967 | Open |
| $400 | 32 | $2,628 | Open |
| $500 | 24 | $1,978 | Open |
| $750 | 15 | $1,241 | Open |
Assumptions and limits
- Assumes a fixed payment, a fixed APR, and no new charges.
Frequently asked questions
What is the avalanche method?
Paying the highest-rate balance first to minimize total interest.
What is the snowball method?
Paying the smallest balance first for quick wins.
Should I pay off the highest rate or the smallest balance first?
Highest rate first (avalanche) saves the most interest. Smallest balance first (snowball) gives faster wins. See the snowball vs avalanche guide.
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