Debt Payoff Calculator
Months to pay a balance with a fixed payment, using monthly interest rounded to the cent.
Payoff
2 years, 8 months
From these numbers
A $5,000.00 balance at 18% with a monthly payment of $200.00 is paid off in 2 years, 8 months.
Total interest is $1,313.97. Total paid is $6,313.97.
The last payment is $113.97.
Months
32
Total interest
$1,313.97
Total paid
$6,313.97
Interest each month is the balance times the annual rate divided by 12, rounded to the cent. The payment is applied after that interest. This is a monthly method, not a card issuer's average daily balance. A payment that does not cover the interest never pays the balance off. On the percent setting, each month's payment is the greater of that percent of the current balance and the dollar floor, figured before the month's interest is added, and it is never more than the balance plus that interest. These figures are illustrative estimates only. They are not financial, investment, tax, lending, or legal advice.
Learn more
How this calculator works and what to know before using it
What this calculator does
Counts the months a fixed payment takes to clear a balance when interest is added once a month and rounded to the cent.
How to use it
- Enter the balance, the annual rate, and the monthly payment.
- Read the payoff time, the interest, and the total paid.
- If the payment does not cover the first month of interest, the balance does not pay off.
Formula used
Monthly periodic rate, fixed payment
Each month, interest is the balance times the annual rate divided by 12, rounded to the cent. The payment is applied after that interest. This is the same monthly method as the credit card payoff page, limited to a fixed payment.
Source. Interest each month is the balance times the annual rate divided by 12, rounded to the cent. The fixed payment is applied after that interest. A payment that does not cover the interest never pays the balance off. Many card issuers instead use a daily periodic rate. The CFPB describes that daily method. This page uses the monthly method. CFPB, daily periodic rate.
Updated November 1, 2026
Example
A $5,000.00 balance at 18% with a monthly payment of $200.00 is paid off in 2 years, 8 months.
Good to know
- A card issuer may use a daily periodic rate instead of this monthly method.
- The schedule stops if it would run past 100 years.
Common questions
- Why does a small payment never finish?
- If the payment is less than or equal to the interest added that month, the balance does not fall. The page says the debt does not pay off.
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