Debt Payoff Date Calculator
Enter a balance, APR and monthly payment to find your debt-free date, total interest paid, and whether the payment even keeps up with interest.
How it works
Monthly rate r = APR ÷ 1200 · Months = ln(payment ÷ (payment − balance × r)) ÷ ln(1 + r) · Payoff date = today + months
Each month interest accrues on the remaining balance first, then your payment pays that interest and chips away at the principal. If the payment is smaller than the first month of interest the balance grows forever, which is exactly the trap of paying only a card minimum — so the calculator flags it. Because more of every early payment goes to interest, a modest increase in the monthly amount can pull the debt-free date in dramatically and cut total interest.
Worked example
An $8,000 balance at 19.99% APR paid at $250 a month clears in about 43 months — roughly three and a half years — with close to $2,700 in total interest. Raising the payment to $350 would cut that to about 27 months.
Frequently asked questions
Why does paying the minimum take so long?
A minimum payment is often barely above the monthly interest, so almost nothing goes to principal. At high APRs this can stretch payoff over a decade and cost more in interest than the original balance. Paying a fixed higher amount shortens it sharply.
What if my payment does not cover the interest?
Then the balance rises every month and the debt is never repaid. The calculator detects this and asks you to raise the payment above the first month of interest before it can compute a payoff date.
Is the payoff date exact?
It counts whole monthly payments from today, so it is accurate to the month assuming a fixed rate and payment. A variable APR, new charges, or missed payments would shift the real date.
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Educational estimate, not financial advice.