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This debt payoff calculator shows how long it takes to clear a credit card or loan balance at a fixed monthly payment, and how much interest you pay along the way. Enter the current balance, the annual interest rate (APR) and the amount you pay each month, and the result updates as you type.
Interest is charged on whatever balance is left, so much of an early payment can go to interest rather than the balance. Paying more than the minimum each month cuts both the time and the total interest sharply — even a small increase can save months and a real amount of money.
If your monthly payment is smaller than the interest added each month, the balance grows instead of shrinking and the debt is never repaid. The calculator flags this so you can raise the payment until the balance starts to fall.
With several debts, two popular strategies help. The avalanche method puts extra money toward the highest interest rate first, which saves the most interest overall. The snowball method clears the smallest balance first for a quick win and motivation. This tool models one balance at a time, so you can compare them.
The calculator runs a month-by-month simulation: each month it adds one month of interest (APR ÷ 12) to the balance, then subtracts your payment, until the balance reaches zero. The final payment is usually smaller than the rest. Figures are an estimate that assumes a fixed rate and payment; a real card may vary with rate changes, fees and your statement date.
A 3,000 balance at 20% APR paid at 150 a month takes about 25 months and costs roughly 680 in interest. Raise the payment to 250 a month and it clears in about 14 months with about 375 in interest — less time and far less interest.
Enter the balance, the APR and your monthly payment — the calculator shows the number of months and years, plus the total interest you will pay.
If the monthly payment is less than the interest added each month, the balance grows. Increase the payment above the monthly interest and it will start to fall.
It depends on the rate, the balance and how fast you pay. The calculator adds up every month of interest and shows the total, so you can see what a bigger payment saves.
The avalanche method (highest rate first) saves the most interest; the snowball method (smallest balance first) gives quicker wins. Both work — pick what keeps you going.
It is a close estimate. It assumes a fixed rate and a fixed payment; real cards can change the rate, add fees, or vary with your statement date.