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Debt Payoff Calculator

How long to clear a balance and the total interest paid. e.g. “How long to clear $5,000 at 19.9% paying $200 a month?”

● Runs locally, your inputs are not uploaded

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Results update as you type. All calculation happens in your browser.

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Methodology

How long to clear a balance and the total interest paid. This tool uses a standard, documented formula and runs entirely on your device.

Last reviewed January 2026 · Runs client-side

Time to pay off
2 yr 9 mo
Total interest $1,511.27
Months33
Total interest$1,511.27
Total paid$6,511.27
Formula used
each month: interest = balance × APR/12, then balance −= (payment − interest)
Balance $5,000.00 at 19.9% APR, paying $200.00/mo
Cleared in 33 months with $1,511.27 interest

Results are estimates based on the values you entered and a standard formula. Verify important figures independently. FinDock does not provide financial, tax, legal, or medical advice.

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How long it takes to clear a debt

Paying off a balance is a race between your monthly payment and the interest the balance keeps generating. This calculator steps through the loan month by month, charging interest and applying your payment, until the balance reaches zero.

The key figure is the total interest, which shows the real cost of taking your time. Even a small increase in the monthly payment can shorten the timeline and cut that interest sharply.

How to use this calculator

  1. Enter the current balance and its APR.
  2. Add the fixed amount you pay each month.
  3. Read the payoff time and the total interest you will pay along the way.

What the inputs mean

APR
The annual interest rate on the balance, divided across twelve months to charge interest each period.
Monthly payment
It must exceed the first month's interest, or the balance will never fall.
Worked example

A $5,000 balance at 19.9% APR paid at $200 a month clears in about two and a half years, with roughly $1,300 of interest paid over that time.

The formula, in plain terms

Each month, interest equal to the balance times APR/12 is added, then your payment is subtracted, until nothing remains.

Frequently asked questions

Why does a bigger payment help so much?

More of each payment goes to principal, which lowers the balance faster and reduces the interest charged in every following month.

What if my payment barely covers the interest?

Then the balance shrinks very slowly, or not at all. Raising the payment above the monthly interest is what starts real progress.

Last reviewed January 2026. This explainer is general information, not professional advice.