What happens if my payment is too low?

If your monthly payment doesn't cover the monthly interest charge, the balance will never go down. The calculator will flag this so you can adjust the payment.

Does paying extra each month help?

Yes, significantly. Even a modest increase in your fixed monthly payment can cut both the payoff time and the total interest substantially — try a few different amounts to compare.

Debt Payoff Calculator

Find out how long it will take to pay off a single debt at a fixed monthly payment, and how much total interest you will pay along the way.

This payment does not cover the monthly interest, so the balance will never be paid off. Increase your monthly payment and try again.

Total paid

Total interest paid

How this calculator works

This calculator simulates the payoff month by month: each month, interest is added to the remaining balance at the monthly rate, then your fixed payment is subtracted. The simulation continues until the balance reaches zero (or 600 months, whichever comes first) and totals the interest paid along the way.

Formula reference: CFPB: Paying off debt

Example

Example: a $6,000 balance at 19.99% APR with a fixed $250 monthly payment takes about 31 months to pay off and costs roughly $1,725 in total interest.

Frequently asked questions

What happens if my payment is too low?: If your monthly payment doesn't cover the monthly interest charge, the balance will never go down. The calculator will flag this so you can adjust the payment.
Does paying extra each month help?: Yes, significantly. Even a modest increase in your fixed monthly payment can cut both the payoff time and the total interest substantially — try a few different amounts to compare.

This calculator provides estimates for general informational purposes only and does not constitute financial, tax, or legal advice. Always confirm important numbers with a qualified professional or your lender/institution before making a decision.