How it works
Each month, interest is added to your balance and your payment reduces it. This calculator works out how many months it takes to reach zero, using your balance, annual interest rate and fixed monthly payment. If your payment is smaller than the monthly interest, the balance never falls — so we'll warn you and show the minimum needed.
Paying more, sooner
Because interest is charged on the remaining balance, even a small increase in your monthly payment can cut months — and a lot of interest — off high-rate debt like credit cards.
Why does the total interest matter?
On high-interest debt, interest can add up to a large share of what you repay. Clearing it faster saves the most money.
More money calculators
This calculator assumes a fixed rate and fixed monthly payment and is for general information only — it is not financial advice. Real credit agreements may have fees, changing rates and minimum-payment rules. WorldTax is independent.