You enter the total debt balance, the annual interest rate, and a fixed monthly payment. The tool converts the annual rate to a monthly rate, then simulates each month: it charges interest on the remaining balance and subtracts your payment. It repeats until the balance reaches zero or 600 months (50 years), whichever comes first. If the payment does not exceed the first month's interest, the tool reports "Never." The calculation assumes a fixed rate, no fees, and no additional borrowing.
Your monthly payment is not large enough to cover the monthly interest charge, so the balance grows each month instead of shrinking. Increase your payment above the interest threshold — shown as the first-month interest in the Show the Math section — to begin making progress.
It depends on your rate and balance, but the effect is often dramatic. On a $10,000 balance at 20% APR, going from $200 to $300 per month cuts the payoff time roughly in half and saves thousands in interest. Try adjusting the payment field to see the difference live.
The avalanche method (highest rate first) minimizes total interest. The snowball method (smallest balance first) provides quicker wins for motivation. Both work — the best method is the one you will stick with consistently.
No. This calculator assumes a clean payoff with no late fees, over-limit fees, or annual fees. Real-world payoff may take longer if fees are added to the balance.
Estimate only. Results reflect your inputs and standard formulas — they are not financial, tax, legal, health, or investment advice. Verify important decisions with a qualified professional.