Debt Payoff Calculator: Months, Interest & Payoff Date 2026

How the payoff works

On the defaults — a $10,000 balance, 22% APR, $300 a month — the debt takes 52 months to pay off, ending in February 2031. The monthly interest is $10,000 × 22% ÷ 12 = $183.33, so $116.67 of the first $300 payment cuts the principal and the rest pays the interest. Each month the interest is worked out on the shrinking balance and rounded to cents, the payment covers the interest first, and whatever is left cuts the principal. The total paid is $15,596.10 and the total interest is $5,596.10 — more than half the original debt again, in interest alone. The last payment is $296.10, a little less than the usual $300, because the remaining balance in the final month is smaller than a full payment.

The worked example, line by line

Setup: balance $10,000.00, APR 22%, payment $300.00 a month, first payment November 2026.

Line 1 — the monthly rate. 22% ÷ 12 = 1.8333% a month.

Line 2 — the first month’s interest. $10,000.00 × 1.8333% = $183.33; the payment of $300.00 leaves $116.67 of principal, so the balance falls to $9,883.33.

Line 3 — the second month. $9,883.33 × 1.8333% = $181.19 of interest; the balance falls to $9,764.52.

Line 4 — the halfway point. After 26 payments the balance is $6,157.90; the interest that month is $116.26, so $183.74 of the $300 payment cuts the principal — more than half, where the first payment only cut $116.67.

Line 5 — the last month. In month 52 the balance is $290.77, the interest is $5.33, and the final payment of $296.10 clears it — payoff February 2031.

Line 6 — the totals. Total paid $15,596.10; total interest $5,596.10; last payment $296.10. The closed-form months are 52 — the simulation and the formula agree. Rounding convention: totals are computed from unrounded values, so rounded parts may differ by a cent from their rounded sum.

Every branch, checked

Balance $5,000: 21 months, total interest $1,021.61, total paid $6,021.61, last payment $21.61, payoff July 2028. Halving the balance more than halves the payoff time — 21 months against 52 — because the interest each month is smaller from the start.

Balance $15,000: 137 months, total interest $26,034.34, total paid $41,034.34, last payment $234.34, payoff March 2038. Adding $5,000 to the balance nearly triples the payoff time, and the interest alone ($26,034.34) is more than the original $10,000 debt.

APR 15%: 44 months, total interest $3,017.07, total paid $13,017.07, last payment $117.07, payoff June 2030. Seven points less APR saves $2,579.03 of interest and 8 months.

APR 29.99%: 73 months, total interest $11,756.66, total paid $21,756.66, last payment $156.66, payoff November 2032. At nearly 30% APR the interest ($11,756.66) is bigger than the debt itself, and the payoff stretches past six years.

Payment $200/mo: 137 months, total interest $17,356.03, total paid $27,356.03, last payment $156.03, payoff March 2038. Cutting the payment by $100 a month nearly triples the payoff time and adds $11,759.93 of interest — the payment barely covers the $183.33 monthly interest at the start.

Payment $500/mo: 26 months, total interest $2,571.43, total paid $12,571.43, last payment $71.43, payoff December 2028. Raising the payment by $200 a month halves the payoff time and saves $3,024.67 of interest.

The reverses, worked backwards

Payment for a 24-month payoff: $518.79 a month (exact $518.78125) — the smallest cent value that pays the debt off in 24 months. At $518.79 the payoff takes 24 months, total interest $2,450.70, total paid $12,450.70, last payment $518.53, payoff October 2028. One cent less, $518.78, takes 25 months and costs $2,450.75 of interest — and the 25th payment is a $0.03 stub, because $518.78 almost clears the debt in 24 months but leaves 3 cents.

Payment for a 36-month payoff: $381.91 a month (exact $381.904445). At $381.91 the payoff takes 36 months, total interest $3,748.45, total paid $13,748.45, last payment $381.60, payoff October 2029. One cent less, $381.90, takes 37 months and costs $3,748.63 of interest. The exact threshold is $381.904444444… — the four-decimal $381.9044 is a hair below it, so at $381.9044 the payoff takes 37 months; $381.904445 is the smallest six-decimal value that takes 36 months.

Payment for a 12-month payoff: $935.95 a month (exact $935.9450). At $935.95 the payoff takes 12 months, total interest $1,231.33, total paid $11,231.33, last payment $935.88, payoff October 2027. One cent less, $935.94, takes 13 months and costs $1,231.34 of interest.

Largest balance payable in 36 months at $300/mo: $7,855.37 (exact $7,855.37). At that balance the payoff takes 36 months, total interest $2,944.63, total paid $10,800.00, payoff October 2029. One cent more, $7,855.38, takes 37 months.

APR at which $300/mo just covers the interest: 36.00% (exact 36.0000%) — the monthly interest on $10,000 at 36% is $300.00, exactly the payment, so the debt never pays off. At 35.99% the payoff takes 278 months, total interest $73,120.44, total paid $83,120.44, last payment $20.44, payoff December 2049.

Largest balance payable in 60 months at $200/mo: $7,241.40 (exact $7,241.40). At that balance the payoff takes 60 months, total interest $4,758.60, total paid $12,000.00, payoff October 2031. One cent more, $7,241.41, takes 61 months.

What the defaults assume

The payment is applied to interest first, then principal; the model assumes a fixed APR and equal monthly payments for the whole payoff; fees, penalties and new charges are NOT included; the first payment month is the month after the payoff starts. The closed-form months are 52 — the simulation and the formula agree. At 0% APR the payoff is 34 months with $0.00 interest and a last payment of $100.00 (payoff August 2029) — $10,000 ÷ $300, no interest. At $183.34 a month — one cent over the $183.33 monthly interest — the payoff takes 563 months and $93,163.55 of interest (payoff September 2073). At $183.33 a month, at or below the monthly interest, the debt never pays off. With a $0 balance there is nothing to pay: 0 months and $0.00 — the calculator still returns $0.00, it is not an error. At $1,000 a month the payoff takes 12 months and $1,148.88 of interest (payoff October 2027). A $20,000 balance at $300 a month never pays off — the monthly interest of $366.67 exceeds the payment. Rounding convention: totals are computed from unrounded values, so rounded parts may differ by a cent from their rounded sum; the reverses are smallest-cent solutions, and the exact unrounded figures ($518.78125, $381.904445, $935.9450, $7,855.37, 36.0000%, $7,241.40) are stated wherever the rounded figures appear.

Output · formula · meaning

Who uses this

• The cardholder with a $10,000 balance at 22% APR: they learn the payoff takes 52 months and $5,596.10 of interest at $300 a month — and they check the $500 branch (26 months, $2,571.43) to see what an extra $200 a month buys.
• The borrower setting a payoff deadline: they learn a 24-month payoff needs $518.79 a month — and they check the 36-month figure ($381.91) for a deadline they can actually keep.
• The borrower wondering if the minimum payment is enough: they learn the monthly interest is $183.33 — and they check the $183.34 edge (563 months, $93,163.55 of interest) to see how a payment barely above the interest drags on for decades.
• The borrower weighing a balance transfer: they learn the APR 15% branch costs $3,017.07 of interest against $5,596.10 at 22% — and they check the 29.99% branch ($11,756.66) to see what the worst case looks like.

Accuracy & limitations

The math is first-principles: each month the interest is the balance times the APR divided by 12, rounded to cents; the payment covers the interest first and the rest cuts the principal; the balance is tracked to the cent and the payoff is the month it reaches $0.00. The closed-form months (52) agree with the simulation, which is a second check on the same answer. What the model cannot do is predict YOUR rate: it assumes a fixed APR and equal monthly payments for the whole payoff, no fees, no penalties, and no new charges — real cards vary on all four. It does not model minimum-payment rules that change as the balance falls, balance-transfer fees, or promotional rates that expire. For the loan version of the same question, see the loan payoff calculator; for a credit card specifically, see the credit card payoff calculator; for paying down several debts at once, see the debt snowball vs avalanche comparison; and for the step-by-step method, see the guide to calculating your debt payoff. This is a calculator, not financial advice.