TIME TO BECOME DEBT-FREE
0 months
Total interest paid$0
Total amount paid$0
Debt-free date—
How This Debt Payoff Calculator Works
This shows how long it takes to pay off a debt based on balance, interest rate, and fixed monthly payment, plus total interest paid.
Why Credit Card Debt Grows Fast
Credit cards often carry 18-25% interest. Because interest compounds on your balance, minimum payments can mean paying far more than borrowed, over many years.
Two Payoff Strategies
- Avalanche: Pay highest-rate debt first to minimize interest
- Snowball: Pay smallest balance first for quick wins
Frequently Asked Questions
What if my payment doesn't cover interest?
Your balance will grow instead of shrinking. Make sure payment exceeds the monthly interest cost.
Does this work for multiple debts?
This handles one debt; for multiple, calculate each separately or use a blended average rate.
Should I pay off debt or invest first?
Generally pay off high-interest debt (8-10%+) before investing, since it beats typical returns.