About this tool
Enter a balance, annual APR and fixed monthly payment to see how long the debt takes to clear, the total interest you pay and the total amount paid. It is calculated live in your browser.
Frequently asked questions
Why might my payment never clear the debt?
If the monthly payment is less than or equal to the first month's interest, the balance never falls, so the calculator warns you to raise the payment.
How is the payoff time calculated?
It amortizes the balance month by month: each month interest is added at APR ÷ 12, then your payment is subtracted, until the balance reaches zero.