When will I actually be out of debt?

Enter each balance, rate, and minimum payment. Compare paying the smallest balance first with paying the highest interest rate first.

Debt free in

2 years, 11 months

Modeling $19,200 across 3 debts with a fixed $660 monthly budget.

Total interest: $3,475
First debt gone: Month 5
Monthly budget: $660

See the full calculationFollow each number from the inputs to the answer.

Calculation 1

Find when all entered debt reaches zero

What are we finding?

We are finding how many months it takes to pay every entered balance while keeping the same total monthly budget.

What do these numbers mean?

Starting debt: $19,200: All entered balances added together.
Monthly budget: $660: All required minimum payments plus the extra monthly amount.
Payoff order: Smallest balance first: Every debt gets its minimum. Any money left in the budget goes to this strategy's target.
Store card example first month interest: $17.18: 22.9% yearly interest divided across 12 months.

How do we calculate it?

Each month, add that month's interest to every balance. Pay every minimum. Send the rest of the fixed budget to the chosen target. Repeat until every balance is zero.

new balance = old balance + monthly interest − payment

$900 + $17.18 − that debt's month 1 payment

Start with $19,200 across 3 debts.
Use the same $660 total budget each month.
After all minimums, send the remaining money to the smallest current balance.
Repeating the monthly steps brings every entered balance to zero after 35 months.

Final answer

2 years, 11 months to become debt free

What does the answer mean?

If the entered balances, rates, and $660 monthly budget stay the same, the model reaches zero debt in 2 years, 11 months.

Your plan

Illustrative entries only. Replace every row with the current statement balance, annual rate, and required minimum. The model assumes no new charges.

Extra each month

On top of $460 in minimums

Attack order

Checking which numbers are included in this page address…

“Copy result summary” includes the main answer and three important results. An answer can still reveal something about a number you removed from the link.

Opening a link sends its full page address to the company that hosts StepShown. Never put private information in a shared StepShown link.

Your debts

Use current statement figures and update them when terms change.

DebtBalanceRateMinimum

Debt 1 name
Store card example balance
$
Store card example interest rate
%
Store card example minimum payment
$
Debt 2 name
Credit card example balance
$
Credit card example interest rate
%
Credit card example minimum payment
$
Debt 3 name
Installment loan example balance
$
Installment loan example interest rate
%
Installment loan example minimum payment
$

The order you clear them

Each payoff frees its minimum, which rolls onto the next debt.

1Store card example$900Month 5
2Credit card example$6,500Month 24
3Installment loan example$11,800Month 35

Projected balance path

Each marker is a modeled payoff.

Total balanceA debt cleared

Main takeaway: the plan reaches a zero balance in month 35. Each dot shows one debt being fully paid.

What this means

Calculated from the entered figures and stated monthly assumptions.

Helpful result

Store card example is paid first, in month 5

Store card example reaches zero after 5 months. Its $35 minimum stays inside the same $660 monthly budget. That money then moves to the next debt.

How to read this

When the plan reaches zero

With the same $660 budget every month and no new charges, all balances reach zero in 2 years, 11 months. Estimated interest adds $3,475. That is 15% of all money paid. For example, 20% means 20 out of every 100 dollars, or 1 out of 5 dollars.

How to read this

What smallest balance first costs in this example

Sending extra money to the highest yearly rate would save $32 in this example. The Consumer Financial Protection Bureau says smallest balance first can show a quick win, while highest rate first can save money.

Helpful result

What the entered extra changes

Compared with the same fixed minimums and no extra payment, $200 more per month shortens the projection by 2 years, 1 month and reduces modeled interest by $4,838.

Smallest balance or highest rate?

The same entered debts and fixed budget in a different order.

What you are looking at: Payoff time, total interest and first payoff month for each attack order. Each row changes one choice while the other entered numbers stay the same.

Payoff time, total interest and first payoff month for each attack order
Choice	Debt free in	Interest charged	First payoff
Smallest balance firstYour planTargets visible progress	2 years, 11 months	$3,475	Month 5
Highest rate firstTargets interest cost	2 years, 11 months	$3,443lower by $32	Month 23

Main takeaway: the shaded row is your plan now. Read across another row to see what one change would do.

CFPB presents both strategies: smallest balance first can make progress visible sooner, while highest rate first can save money over time. StepShown uses monthly interest and a fixed budget, so treat the difference as a planning comparison. The modeled interest difference is $32.

What would improve this

Ranked by interest saved, largest first.

Possible change
Compare $66 more per month
saves $500
This is a hypothetical fixed budget comparison. Keep every required minimum current and use an amount that is sustainable after essential expenses.
Keep in mind: Modeled completion is 4 months sooner
Possible change
Compare highest rate first
saves $32
This keeps the same monthly budget. Every required minimum is paid first. Extra money then goes to the debt with the highest yearly rate.
Keep in mind: First modeled payoff moves to month 23

Take it with you

Your plan is already saved in this page's URL.

Checking which numbers are included in this page address…

“Copy result summary” includes the main answer and three important results. An answer can still reveal something about a number you removed from the link.

Opening a link sends its full page address to the company that hosts StepShown. Never put private information in a shared StepShown link.

How this tool was checked

Sources and review

Expert review is still needed

StepShown checked the calculation code and its tests. An independent expert in this subject has not checked it yet. Use it to plan, and ask a qualified professional before making an important decision.

Calculation version: Version 1.1
Last updated: Jul 29, 2026
Person responsible: StepShown engineering

How to reduce your debt
Published by Consumer Financial Protection Bureau. Area covered: United States. StepShown owner: StepShown editorial. Checked Jul 29, 2026. Check again by Jan 25, 2027. The highest interest rate and smallest balance first payoff strategies, including their different cost and visible progress tradeoffs. Reference guidance; no date specific value is ingested.
How does my credit card company calculate interest?
Published by Consumer Financial Protection Bureau. Area covered: United States. StepShown owner: StepShown editorial. Checked Jul 29, 2026. Check again by Jan 25, 2027. The limitation that many issuers calculate interest daily using average daily balances and may apply different annual rates to different balance categories. Reference guidance; no date specific value is ingested.
How to get out of debt
Published by Federal Trade Commission. Area covered: United States. StepShown owner: StepShown editorial. Checked Jul 29, 2026. Check again by Jan 25, 2027. Contacting creditors about affordable payment options, getting agreements in writing, and the risks of missing required payments. Reference guidance; no date specific value is ingested.

Read the StepShown calculation and writing rules, or report a problem.

Learn more

How the calculation works

Your monthly budget is fixed at the sum of every minimum payment plus whatever extra you add. That total never falls. Each month, interest is added to every balance, every active debt receives its entered minimum, and the remaining budget is directed to the current target. If a target clears early, unused money moves to the next target in the same month.

When a debt clears, its minimum does not go back into your spending. It stays in the budget and lands on the next target. The calculation runs one month at a time and records when each estimated balance reaches zero. These are planning examples, not statement payoff quotes.

StepShown holds every entered minimum, annual rate, and the total monthly budget fixed. It applies one twelfth of the annual rate at the start of each month. Many credit card issuers calculate interest daily, and actual minimums, rates, fees, statement dates, and the way payments are divided can change. New charges are excluded.

Common questions

Smallest balance first or highest rate first?

CFPB presents both approaches. Smallest balance first can make progress visible sooner. Highest rate first can save money over time. StepShown runs both under the same fixed budget assumptions and shows the modeled interest and first payoff for each.

Why does the monthly budget stay fixed?

The model starts with every entered minimum plus the extra payment. When a balance reaches zero, unused money in that same month and the cleared account's entered minimum remain in the budget and move to the next target.

What should I enter as the minimum payment?

Use the current required minimum shown on each statement. StepShown holds that number and the total budget fixed for the projection. Actual minimum formulas, rates, fees, and account terms can change, so update the plan when a new statement changes an input.

Why can StepShown differ from a credit card statement?

StepShown applies one twelfth of the entered annual rate at the start of each modeled month. Many card issuers calculate interest daily using average daily balances, and one account can contain balances with different rates. Statement dates, payment dates, fees, promotions, and rounding also change actual results.

What if the minimum starts below the modeled interest?

StepShown flags that condition because the entered minimum alone would not reduce that starting balance under the monthly model. Check the statement and agreement. Missing a required minimum can cause fees, rate changes, account delinquency, and credit harm.

Why does the model stop at 60 years?

The horizon prevents an unhelpful or unstable projection from running indefinitely. A balance remaining at that point does not mean repayment is impossible. It means the entered budget and assumptions do not produce a payoff inside the model window.

Does this include new charges, fees, or changing rates?

No. The projection assumes no new borrowing and keeps each entered annual rate, minimum, and total monthly budget fixed. It excludes late fees, annual fees, promotional expirations, variable rate changes, and payment allocation rules specific to one creditor.

Should secured debt or a mortgage be mixed in?

StepShown can run the arithmetic, but different debts can have different collateral, tax, deferment, forgiveness, prepayment, and legal consequences. The cheapest interest sequence is not automatically the right financial or legal priority. Get qualified guidance when those differences matter.

Clearing debt is usually the step before everything else.

Or browse everything in Finance.

When will I actually be out of debt?

Find when all entered debt reaches zero

What are we finding?

What do these numbers mean?

How do we calculate it?

What does the answer mean?

Store card example is paid first, in month 5

When the plan reaches zero

What smallest balance first costs in this example

What the entered extra changes

Compare $66 more per month

Compare highest rate first

Sources and review

How the calculation works

Common questions

Where to go next

Find when all entered debt reaches zero

What are we finding?

What do these numbers mean?

How do we calculate it?

What does the answer mean?

Store card example is paid first, in month 5

When the plan reaches zero

What smallest balance first costs in this example

What the entered extra changes

Compare $66 more per month

Compare highest rate first