How long will this debt take to clear?
Enter what you owe, the interest rate and your monthly payment. See the payoff date, the total interest, and what an extra payment each month saves you.
How it is worked out
Each month the lender adds interest: your balance times the yearly rate divided by 12. Your payment covers that interest first, and only the rest reduces what you owe. That is why a small payment on a high-rate card can take years, or never clear at all.
This calculator runs the debt month by month until the balance hits zero, the same way the NPER function does in Excel. Adding even a small extra amount goes straight to the balance, which is why it saves so much interest.
Got more than one debt? Pay the minimum on all of them and put every extra on one: the smallest balance (snowball) or the highest rate (avalanche).