PainlessCalculator
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Estimated Payoff Time
0 months
Based on fixed monthly payments.
Total Interest
$0
Total Paid
$0
Payoff Time
—
Interest Saved
$0
Quick facts
- Paying more than minimums speeds up payoff.
- High APR balances should be prioritized.
- Consider a balance transfer only if fees are low.
How this calculator works
The debt payoff calculator estimates payoff time and total interest based on balance, APR, and monthly payment, including optional extra payments.
Key assumptions
- Payment is applied monthly; interest accrues monthly.
- Extra payments apply directly to principal.
- APR remains constant for the term.
Example
Example: $12,000 balance, 18% APR, $350 payment. The calculator estimates months to payoff and interest saved if you add $50 extra.
FAQs
- What if my payment is too low? If your payment doesn’t cover interest, the balance won’t decrease.
- Is this for multiple debts? This version models a single balance; use total balance and average APR.
- Does it include fees? No—add fees to the balance if applicable.
Sources: CFPB • Federal Reserve • IRS
Last updated: 2026-02-04