See how long it takes to pay off a single debt with a fixed monthly payment
This debt payoff calculator shows how long it will take to eliminate a single debt with a fixed monthly payment. It includes a visual balance-over-time bar chart so you can track your progress toward becoming debt-free. This focused calculator helps you tackle a single debt with a fixed monthly payment strategy. The visual bar chart shows your balance decreasing year by year, providing motivation and a clear picture of your debt-free journey.
The calculator simulates paying down the debt month by month, applying monthly interest, and subtracting your payment until the balance reaches zero.
If your monthly payment is less than the interest accrued, your balance will grow over time and the debt will never be paid off. Increase your payment or consider debt consolidation.
Increase your monthly payment amount, make bi-weekly instead of monthly payments, or use windfalls like tax refunds to make lump-sum principal reductions.
If your payment is less than the interest accrued each month, your balance will grow indefinitely and the debt will never be paid off. Increase your payment or consider debt consolidation.
Increase your monthly payment, switch to bi-weekly payments, apply windfalls like tax refunds or bonuses directly to principal, or consider a balance transfer to a lower-rate card.
The snowball method pays off smallest balances first for psychological wins, while the avalanche method targets highest APR debts first to minimize total interest. Choose what keeps you motivated.
Only use savings beyond your emergency fund (3-6 months of expenses). Paying off high-interest debt with excess savings is generally a smart financial move.