Finance
Debt Payoff Calculator
Enter your balance, APR, and a fixed monthly payment to see how many months it takes to pay off, the total interest, and how much faster a bigger payment gets you to zero.
Quick answer: Your payoff time depends on balance, APR, and payment — and if your monthly payment is below the interest accruing, the balance never falls.
How it works
1. List your debts and rates
Enter each debt's balance, interest rate, and minimum payment. Seeing them side by side reveals which balances cost the most in interest. The calculator uses this to model how fast you can become debt-free under different strategies.
2. Pick avalanche or snowball
The avalanche method targets the highest interest rate first, minimizing total interest and the fastest mathematically. The snowball method targets the smallest balance first for quick psychological wins that build momentum. Both pay minimums on everything else and throw extra cash at the focus debt.
3. Apply the rollover effect
When one debt is paid off, you roll its payment into the next target, so the amount attacking each debt snowballs over time. The calculator shows your payoff date and total interest for each method so you can choose between math and motivation. Even small extra payments speed the timeline.
Frequently asked questions
How is payoff time calculated?
It models each month's interest charge against your fixed payment. The remaining balance shrinks until it reaches zero — the calculator counts the months and totals the interest.
Why won't my balance go down?
If your monthly payment is less than or equal to the monthly interest, the balance never falls. The calculator flags this — you must pay more than the interest accruing.
How do I pay off debt faster?
Raise the monthly payment, target the highest-APR balance first (avalanche method), and avoid new charges. Even a small increase can cut months and hundreds in interest.