Estimate payoff time and interest for a debt when you make a fixed monthly payment.
Payment formulas, credit-card payoff time, debt ratios and installment-loan planning.
Enter the values requested above and select Calculate. Change any input to compare another scenario. The calculation runs locally in your browser and does not require an account.
For a $12,000 balance at 14% APR, compare a $350 payment with a $500 payment to see the impact on payoff time.
Estimate payoff time and interest for a debt when you make a fixed monthly payment. The result is intended for quick estimates, checking arithmetic and comparing scenarios. When a result affects a contract, tax filing, medical decision, building-code requirement or other high-stakes situation, verify the result with the appropriate professional or authoritative source.
For a $15,000 balance with a 12% nominal APR, simplified first-month interest is 15,000 × (0.12/12) = $150. A $400 payment reduces the principal by about $250 in that first month.
What to check: The schedule assumes a fixed APR, fixed payment, monthly interest, and no new borrowing. When a payment does not cover interest, the balance cannot decline normally; check the calculator warning.
Compare with the Credit Card Payoff calculator when that better matches the question you are trying to answer.
Estimate payoff time and interest for a debt when you make a fixed monthly payment.
Each month, interest is added to the outstanding balance and the payment reduces the resulting amount.
Yes. ERICH Calculators is free to use and does not require an account.
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