What is the minimum payment trap?

Paying only the minimum on high-interest debt can take decades to pay off. A $5,000 balance at 20% APR with minimum payments takes 15+ years.

Debt Payoff Calculator

Calculate how long to pay off any debt

Current balance ($)

Annual interest rate (%)

Monthly payment ($)

How to use Debt Payoff Calculator

Free debt payoff calculator. Enter balance, interest rate, and monthly payment to see how long until you are debt-free and total interest paid.

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Featured Experience

See exactly when you will be debt-free

Try the Debt Payoff Planner — list all your debts, choose avalanche or snowball strategy, and see your exact payoff date with total interest saved. Then ask the AI advisor how to accelerate your plan.

Avalanche & snowballPayoff timelineInterest savedAI copilot

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Frequently asked questions

Pay more than the minimum, target high-interest debt first (avalanche method), or smallest balance first (snowball method) for motivation.