Find out how long it will take to pay off a balance at a fixed monthly payment, and the total interest along the way.
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Your Payoff Timeline
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That is Approximately—
Total Interest Paid—
Formula
Each month, interest is added to the balance and the payment is subtracted. The process repeats until the balance reaches zero.
Example
An $8,000 balance at 22% APR with $300 monthly payments takes about 33 months to pay off, with roughly $1,780 in total interest.
Not tax or financial advice. This calculator provides general estimates based on published 2026 figures. Always confirm important figures with the IRS, SSA, your state tax agency, a licensed lender, or a qualified professional.
Frequently Asked Questions
What if my payment barely covers the interest?
If the payment does not exceed the monthly interest charge, the balance will never shrink. This calculator will flag that case so you know to increase the payment.
Should I pay off high-interest debt first?
Paying the highest-interest balance first, known as the avalanche method, minimizes total interest paid across multiple debts.