Debt Payoff Timeline Calculator

See how many months and how much interest it takes to clear a debt.

Formula

How the calculation works

Each month interest is added to the balance and the payment is taken off, so a payment smaller than the interest leaves the balance stuck.

The payoff formula counts the months until the balance reaches zero, and multiplying the payment by those months gives the total you hand over.

Common mistakes

• Paying only the minimum on a high-rate card, where almost all of the payment goes to interest and the balance barely moves.
• Ignoring new spending on the same card, which adds to the balance faster than the payment clears it.

When to use it

• Use it when you want to know how long a fixed monthly payment takes to clear a balance.
• It is not a plan for several debts at once; handle each balance separately, highest rate first.

Worked example

100,000 at 18% with 5,000 a month clears in about 24 months and 19,781 in interest.

Common questions

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Last updated: 2026-10-04