Summary
See months to payoff, total paid, and interest cost.
Calculation details
Payments first cover monthly interest; remaining principal reduces the balance.
Formula
Iterate monthly: interest = balance × r/12; principal = payment − interest.
Worked example
$8,000 balance at 18% APR
A $250 monthly payment clears the balance in a finite number of months.
How it works
Enter balance, APR, and planned monthly payment.
Frequently asked questions
What does this debt-payoff estimate estimate include?
It assumes a fixed payment and constant APR with monthly compounding of interest.
When is this debt-payoff estimate most useful?
When comparing how long a fixed monthly payment takes to clear a revolving balance.
Are displayed values rounded?
The formula keeps full numeric precision. Values are rounded only when formatted for display.
Can actual results differ?
Yes. Minimum-payment rules, fees, promotional APRs, and extra payments change payoff timelines.