What happens if my payment only covers interest?

The balance never shrinks. The calculator flags the exact interest-only floor your installment must beat.

Is APR the same as the monthly rate?

APR is annual; the monthly rate is APR ÷ 12 under standard monthly compounding, which is what these schedules use.

Repayment Calculator

Plan repayment of credit cards, loans, or any ongoing debt. Choose a payoff window and get the required installment, or enter a fixed installment and see exactly how long until the balance is gone.

#repayment#loan repayment#debt payoff#installment#credit card repayment

Live calculate

Presets

Loan Balance

Interest Rate (APR)

Repay

Within a fixed timeWith a fixed installment

Repay within

years

Plus months

Fixed Monthly Installment

Live mode: results update as you type.

Monthly Repayment

$212.47

$10,000 paid off in 60 months at 10.00% APR

Total of 60 Payments: $12,748.23
Interest: $2,748.23
Interest as % of Balance: 27.5%
Payoff: 5 yr 0 mo

Principal vs interest

Principal$10,000
Interest$2,748

Repayment schedule (annual)

Year	Beginning Balance	Total Paid	Principal	Interest	Ending Balance
Year 1	$10,000.00	$2,549.65	$1,622.68	$926.96	$8,377.32
Year 2	$8,377.32	$2,549.65	$1,792.60	$757.05	$6,584.72
Year 3	$6,584.72	$2,549.65	$1,980.31	$569.34	$4,604.42
Year 4	$4,604.42	$2,549.65	$2,187.67	$361.98	$2,416.75
Year 5	$2,416.75	$2,549.65	$2,416.75	$132.90	$0.00

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Formula

Fixed time: Payment = P·r(1+r)^n/((1+r)^n−1). Fixed installment: iterate balance until zero.

Pro tips

• Credit cards at 20%+ APR are emergency-speed debts — the interest floor is enormous relative to minimum payments.
• Paying every other week (26 half-payments) sneaks in one extra full payment per year.

FAQ

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Credit Cards Payoff Calculator

Debt-avalanche payoff plan for multiple credit cards from a fixed monthly budget.

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Debt Payoff Calculator

Avalanche vs snowball: compare payoff order, months to debt-free and total interest saved.

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Loan Calculator

Universal loan payment calculator — EMI, amortization schedule and total interest.

Calculate

Payment Calculator

Fixed-term monthly payment — or how long a fixed payment takes to pay off.

Calculate

Repayment Calculator

Plan repayment of credit cards, loans, or any ongoing debt. Choose a payoff window and get the required installment, or enter a fixed installment and see exactly how long until the balance is gone.

#repayment#loan repayment#debt payoff#installment#credit card repayment

Live calculate

Presets

Loan Balance

Interest Rate (APR)

Repay

Within a fixed timeWith a fixed installment

Repay within

years

Plus months

Fixed Monthly Installment

Live mode: results update as you type.

Monthly Repayment

$212.47

$10,000 paid off in 60 months at 10.00% APR

Total of 60 Payments: $12,748.23
Interest: $2,748.23
Interest as % of Balance: 27.5%
Payoff: 5 yr 0 mo

Principal vs interest

Principal$10,000
Interest$2,748

Repayment schedule (annual)

Year	Beginning Balance	Total Paid	Principal	Interest	Ending Balance
Year 1	$10,000.00	$2,549.65	$1,622.68	$926.96	$8,377.32
Year 2	$8,377.32	$2,549.65	$1,792.60	$757.05	$6,584.72
Year 3	$6,584.72	$2,549.65	$1,980.31	$569.34	$4,604.42
Year 4	$4,604.42	$2,549.65	$2,187.67	$361.98	$2,416.75
Year 5	$2,416.75	$2,549.65	$2,416.75	$132.90	$0.00

Most useful next

Formula

Fixed time: Payment = P·r(1+r)^n/((1+r)^n−1). Fixed installment: iterate balance until zero.

Pro tips

• Credit cards at 20%+ APR are emergency-speed debts — the interest floor is enormous relative to minimum payments.
• Paying every other week (26 half-payments) sneaks in one extra full payment per year.

FAQ

Related Calculators

More Finance tools you might need.