Inputs
| Month | Start | Interest | Payment | Principal | End |
|---|---|---|---|---|---|
| Calculate to see a preview | |||||
How to use
- Enter your current balance, APR, and fixed monthly payment.
- Calculate to see payoff time, total interest, and a 12-month preview.
- If the warning says your payment is too low, increase your payment.
How it works
This tool approximates monthly interest as APR Γ· 12. Each month: interest is added, then your payment reduces the balance.
Math assumptions (click)
- Monthly rate r = (APR/100) / 12
- Interest = balance Γ r
- Principal paid = payment β interest (floored at 0)
- End balance = start + interest β payment (floored at 0)
- Simulation runs until balance reaches 0 (with a max safety limit).
Privacy & disclaimer
Disclaimer: Educational estimates only. Not financial advice. Real outcomes can differ due to compounding rules, fees, promo rates, penalty APR, billing cycles, rounding, and account terms.
Public PC warning: Avoid entering sensitive numbers on shared devices.
FAQ
Why does the calculator say my payment is too low?
If your payment is less than (or close to) monthly interest, your balance wonβt shrink meaningfully and payoff may never happen. Increase the payment or reduce APR.
Does this include fees or penalty APR?
No. This is a simplified estimate. Real products may include fees, promotional rates, penalty APR, and different compounding rules.
Is APR the same as APY?
Not exactly. APR is a nominal annual rate. APY includes the effect of compounding. This calculator uses APR and approximates monthly interest with APR/12.
Does this tool store or upload my data?
No. All calculations run locally in your browser. Nothing is uploaded by this page.