Debt payoff calculator

See how long one balance takes to clear, including a credit card payoff, or the monthly payment for a term in years and months. Compare up to two scenarios.

The figures are an estimate, not advice. See the disclaimer.

What to calculateMonths to pay offPayment for a termMonths to pay off uses your payment. Payment for a term uses years and months.

BalanceAPR (%)Nominal annual rate. The monthly rate is this number divided by 12.

PaymentFixed amount each monthPercent of the opening balance

Monthly paymentExtra paymentOptional. Added to the base payment every month. Leave blank for none.

Compare a second scenarioTwo scenarios at most. The table lists months, payment, and total interest.

CurrencyChanges how amounts are shown. It does not convert anything.

Months to clear: 32
Total paid: HK$63,139.64
Total interest: HK$13,139.64
Payoff date: 2029-06-19

Month by month
Month	Opening balance	Interest	Payment	Principal	Closing balance
1	HK$50,000.00	HK$750.00	HK$2,000.00	HK$1,250.00	HK$48,750.00
2	HK$48,750.00	HK$731.25	HK$2,000.00	HK$1,268.75	HK$47,481.25
3	HK$47,481.25	HK$712.22	HK$2,000.00	HK$1,287.78	HK$46,193.47
4	HK$46,193.47	HK$692.90	HK$2,000.00	HK$1,307.10	HK$44,886.37
5	HK$44,886.37	HK$673.30	HK$2,000.00	HK$1,326.70	HK$43,559.67
6	HK$43,559.67	HK$653.39	HK$2,000.00	HK$1,346.61	HK$42,213.06
7	HK$42,213.06	HK$633.20	HK$2,000.00	HK$1,366.80	HK$40,846.26
8	HK$40,846.26	HK$612.69	HK$2,000.00	HK$1,387.31	HK$39,458.95
9	HK$39,458.95	HK$591.88	HK$2,000.00	HK$1,408.12	HK$38,050.84
10	HK$38,050.84	HK$570.76	HK$2,000.00	HK$1,429.24	HK$36,621.60
11	HK$36,621.60	HK$549.32	HK$2,000.00	HK$1,450.68	HK$35,170.92
12	HK$35,170.92	HK$527.56	HK$2,000.00	HK$1,472.44	HK$33,698.49
13	HK$33,698.49	HK$505.48	HK$2,000.00	HK$1,494.52	HK$32,203.96
14	HK$32,203.96	HK$483.06	HK$2,000.00	HK$1,516.94	HK$30,687.02
15	HK$30,687.02	HK$460.31	HK$2,000.00	HK$1,539.69	HK$29,147.33
16	HK$29,147.33	HK$437.21	HK$2,000.00	HK$1,562.79	HK$27,584.54
17	HK$27,584.54	HK$413.77	HK$2,000.00	HK$1,586.23	HK$25,998.31
18	HK$25,998.31	HK$389.97	HK$2,000.00	HK$1,610.03	HK$24,388.28
19	HK$24,388.28	HK$365.82	HK$2,000.00	HK$1,634.18	HK$22,754.10
20	HK$22,754.10	HK$341.31	HK$2,000.00	HK$1,658.69	HK$21,095.42
21	HK$21,095.42	HK$316.43	HK$2,000.00	HK$1,683.57	HK$19,411.85
22	HK$19,411.85	HK$291.18	HK$2,000.00	HK$1,708.82	HK$17,703.03
23	HK$17,703.03	HK$265.55	HK$2,000.00	HK$1,734.45	HK$15,968.57
24	HK$15,968.57	HK$239.53	HK$2,000.00	HK$1,760.47	HK$14,208.10
25	HK$14,208.10	HK$213.12	HK$2,000.00	HK$1,786.88	HK$12,421.22
26	HK$12,421.22	HK$186.32	HK$2,000.00	HK$1,813.68	HK$10,607.54
27	HK$10,607.54	HK$159.11	HK$2,000.00	HK$1,840.89	HK$8,766.65
28	HK$8,766.65	HK$131.50	HK$2,000.00	HK$1,868.50	HK$6,898.15
29	HK$6,898.15	HK$103.47	HK$2,000.00	HK$1,896.53	HK$5,001.62
30	HK$5,001.62	HK$75.02	HK$2,000.00	HK$1,924.98	HK$3,076.65
31	HK$3,076.65	HK$46.15	HK$2,000.00	HK$1,953.85	HK$1,122.80
32	HK$1,122.80	HK$16.84	HK$1,139.64	HK$1,122.80	HK$0.00

How this is calculated

This calculator estimates how long one balance takes to clear, how much interest you pay, and a payoff date — or the monthly payment for a term you choose. Enter the balance and a nominal APR. In Months to pay off, enter a fixed monthly payment or a percent of that month’s opening balance, plus an optional extra. In Payment for a term, enter years and months (or months alone) and the page solves for the payment. You can compare up to two scenarios side by side. Each month adds interest first, then applies the payment. The schedule stops at 600 months. Figures are an estimate, not advice.

Formula

Each month the balance earns interest at one twelfth of the nominal APR. The payment is applied after that interest. A percent payment is that percent of the opening balance, before interest is added.

Months to pay off (Mode A)

Monthly rate r = (APR ÷ 100) ÷ 12

Interest = opening balance × r

Fixed: base payment = the monthly amount you enter

Percent: base payment = opening balance × (percent ÷ 100)

Payment = the smaller of (opening balance + interest) and (base payment + extra)

Principal = payment − interest; closing balance = opening balance − principal

Once clear, total interest = total paid − original balance

Payment for a term (Mode B) — loan repayment / repayment period

Term n = 12 × years + months (1 to 600; months alone is allowed)

M = balance × r × (1 + r)^n ÷ ((1 + r)^n − 1). If r is 0, M = balance ÷ n

That M is the fixed payment that clears the balance in exactly n months (same amort form as the mortgage page uses for a fixed term; this page still covers one revolving-style balance, not a full mortgage schedule)

Borrowing cost compare

At most two scenarios. The table lists months, payment, and total interest for each. Balances are not combined.

Assumptions

One balance: Snowball and avalanche across several debts are not included. Enter one balance at a time.
Nominal APR: Monthly rate = APR ÷ 12. No conversion to an effective annual rate; days in the month are not counted.
No fees: A fee that changes the rate you really pay belongs on the APR calculator. This page does not add fees.
Percent of the opening balance: Only in Mode A. If base + extra ≤ interest, the balance cannot fall.
Term: Years and months add as 12 × years + months. Total must be 1–600. Mode B solves for the payment that clears the balance in that term.
Two scenarios: Side-by-side months, payment, and total interest only. Not a multi-debt plan.
Currency / payoff date / 600-month cap: Currency is display-only. Payoff date = start + calendar months (invalid day → last day of that month). Mode A stops at 600 months with a capped note if a balance remains.

Worked example

Months to pay off. Balance 10,000 at 12% APR, fixed payment 1,000, no extra → 11 months. Total paid 10,589.85, interest 589.85. Extra 200 each month → 9 months, interest 494.62.

Payment for a term. Same 10,000 at 12% over 2 years 0 months (24 months) → monthly payment 470.73, total interest 1,297.63.

Borrowing cost compare. Balance 50,000 at 18%: paying 2,000/month takes 32 months and 13,139.64 interest; paying 2,500/month takes 24 months and 9,891.34 interest.

FAQ

Can this compare several debts at once?

No. It follows one balance (up to two scenarios for the same kind of inputs). Paying the smallest balance first, or the highest APR first, means running this page once per balance.

Is this a credit card payoff calculator?

Yes, for one card in Months-to-pay-off mode. Enter the balance, nominal APR, and what you will pay. Statement fees and an issuer’s changing minimum are not included.

How do I calculate the monthly payment for a repayment period?

Switch to Payment for a term. Enter years and months (or months alone), from 1 to 600 months total. The page solves for the fixed monthly payment that clears the balance in that term.

What does the borrowing cost compare show?

At most two scenarios: months, payment, and total interest side by side. Use it to see how a higher payment or a shorter term changes interest. It does not merge debts or estimate income-based affordability.

Why would the balance never fall?

In percent mode, if the percent of the opening balance plus any extra is not more than that month’s interest, principal does not fall. Raise the percent, add an extra, or use a fixed amount.

Does a higher APR always mean more months?

Usually, for the same payment. A higher APR raises each month’s interest, so less of the payment reduces the balance. Raising the payment or adding an extra can offset that.

Is this the mortgage calculator or the APR calculator?

No. Mortgage keeps full home-loan schedules. APR calculator turns fees into APR. This page is debt payoff / loan repayment for one balance: months from a payment, or payment from a term, plus a simple cost compare.