What this calculator does:
This tool shows how long it will take to pay off your debt, how much you’ll pay in interest, and how extra payments can speed things up.

How to use it:

• Balance ($): The total amount of debt you owe (can be any debt like credit card, student loan, car loan, etc).
  Example: $14,000 on a credit card.
• APR (%): This is your interest rate for this specific debt.
  Example: You’ll find the APR on your credit card or loan statement.
• Payoff Option (choose one):
  • Expected Monthly Payment: type in how much you can pay each month.
  • Desired Months to Pay Off: type in how quickly you want to be debt-free, and it will calculate the monthly payment you’ll need to make.

Click Calculate.

You’ll see how much you’ll pay in total, how much is interest, and how long it will take.

The graph shows how your balance goes down over time and how much interest adds up (think of this as the "cost of your debt").

Tip: If your monthly payment is too low to cover the interest, the calculator will warn you. That means you’ll need to increase your payment to start paying down your balance.