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Debt Payoff Calculator

Calculate how long to pay off debt and total interest cost.

Last updated: June 13, 2026

Calculator

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Results

Months to Pay Off32

2.7 years

Total Interest$1,400
Total Paid$6,400

How to Use This Calculator

  1. 1Enter your current balance.
  2. 2Enter the interest rate (APR).
  3. 3Enter your monthly payment.
  4. 4View payoff timeline and total interest.

Formula Explanation

The calculator uses amortization math to determine how many months of fixed payments will reduce the balance to zero, accounting for monthly interest charges.

Months = -ln(1 - Br/P) / ln(1+r) where B=balance, r=monthly rate, P=payment

Variables:

BCurrent balance
rMonthly interest rate (APR/12)
PMonthly payment

Worked Examples

$5,000 at 18% APR, $200/month

  1. 1. Monthly rate: 18%/12 = 1.5%
  2. 2. First month interest: $75
  3. 3. Payment minus interest: $125 to principal
  4. 4. Months = 32
Result: Paid off in 32 months, $1,314 total interest

Why Use This Calculator

  • Know your exact payoff date.
  • See how much interest you will pay total.
  • Motivates larger payments when you see interest costs.
  • Works for credit cards, personal loans, and any fixed-rate debt.
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Tips & Best Practices

  • Pay more than the minimum. Minimum payments can take 15-30 years on credit card debt.
  • The avalanche method (highest rate first) saves the most money.
  • The snowball method (smallest balance first) provides psychological wins.
  • Consider a 0% balance transfer to eliminate interest while paying down principal.

Common Mistakes to Avoid

❌ Only making minimum payments.

✅ A $5,000 balance at 18% with $100 minimum payments takes 8+ years and costs $4,311 in interest. Double the payment to save years and thousands.

❌ Continuing to add charges while paying down.

✅ Stop using the card while paying it off. Adding charges while paying down is like running on a treadmill.

Frequently Asked Questions

How long will it take to pay off my credit card?
It depends on your balance, rate, and payment. A $5,000 balance at 18% APR with $200/month takes about 32 months. With minimum payments ($100), it takes over 8 years.
Is the avalanche or snowball method better?
Avalanche (highest interest first) saves more money mathematically. Snowball (smallest balance first) provides quicker wins and better motivation. Choose what keeps you consistent.
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Disclaimer: This calculator is provided for informational and educational purposes only. Results are estimates and should not be used as a substitute for professional advice. RediCalc.com makes no guarantees regarding the accuracy, completeness, or suitability of any calculations. Always consult a qualified professional before making financial, health, construction, or other important decisions.

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