How to use it
Enter what you currently owe, set the slider to your card or loan's APR, and type in what you can pay each month. The calculator shows how many years and months until the balance hits zero, plus the total interest you'll pay across the whole payoff.
The math behind it
It simulates your debt month by month, exactly the way a lender does:
- Add one month of interest: balance × (APR ÷ 12).
- Subtract your monthly payment.
- Repeat until the balance reaches zero, counting months and totaling interest.
If your payment is smaller than the interest that accrues in a month, the balance grows instead of shrinks — the calculator flags that as "Never" so you can see you need to pay more than the monthly interest just to make progress.
The lever that matters most
Try nudging the monthly payment up by even $50 and watch the payoff date and total interest drop. Because interest is charged on the balance that's left, clearing principal faster compounds in your favor. That single lever usually moves the timeline more than choosing between the snowball and avalanche methods.
Frequently asked questions
Why does it say "Never"? Your payment is at or below the monthly interest, so the balance can't shrink. Increase the payment above the interest amount.
Is this an amortization schedule? It's a simplified month-by-month simulation for a single fixed payment — enough to see your payoff date and total interest, not a formal loan statement.