Debt Payoff Calculator
See when you will be debt free and how much interest you will pay.
Minimum Payment vs. Your Payment
| Minimum Payment | Your Payment | |
|---|---|---|
| Timeline | - | - |
| Total Interest | - | - |
| Time Saved | - | |
| Interest Saved | - | |
Payment Schedule (Yearly Summary)
| Year | Payment | Principal | Interest | Balance |
|---|
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Request a ToolHow to Use the Debt Payoff Calculator
This calculator shows exactly when you will be debt free and how much interest you will pay along the way. Here is how to use it:
- Enter your current balance. This is the total amount you owe right now. It works for credit cards, personal loans, car loans, or any fixed-rate debt.
- Set the annual interest rate. Check your loan statement or credit card terms for the APR. The default is 18.9%, which is typical for credit cards.
- Enter your monthly payment. This is the fixed amount you plan to pay each month. It must be higher than the monthly interest charge for your debt to decrease.
Results update instantly as you type. The calculator shows your payoff timeline, total interest cost, and a yearly breakdown of how your payments split between principal and interest. If your payment is higher than the minimum, a comparison table shows how much time and money you are saving.
Use the Share button to send a pre-filled link to someone, or Copy to grab the result.
About Paying Off Debt
Every debt payment splits into two parts: interest (the cost of borrowing) and principal (the amount that actually reduces your balance). Early in the payoff process, a large portion of each payment goes toward interest. As your balance drops, more of each payment goes toward principal, and the payoff accelerates.
The single most effective way to pay off debt faster is to pay more than the minimum. Even an extra $50 or $100 per month can shave years off the timeline and save thousands in interest. This calculator lets you experiment with different payment amounts to find the right balance between aggressive payoff and monthly cash flow.
All calculations run entirely in your browser. We never see or store your financial information.
Frequently Asked Questions
How long will it take to pay off my debt?
It depends on your balance, interest rate, and monthly payment. For example, a $15,000 balance at 18.9% APR with $400 monthly payments takes about 4 years and 4 months to pay off. You would pay roughly $5,700 in interest. Increasing your payment to $500/month drops the timeline to about 3 years and 2 months and saves over $1,800 in interest.
Should I pay more than the minimum?
Almost always, yes. Minimum payments are designed to keep you in debt as long as possible. On a $15,000 credit card at 18.9%, making only minimum payments could mean paying more in interest than the original balance. Even small increases above the minimum produce dramatic savings. Use this calculator to compare minimum payments vs. your planned payment to see the difference.
What is the avalanche vs snowball method?
These are two strategies for paying off multiple debts. The avalanche method targets the debt with the highest interest rate first, which saves the most money mathematically. The snowball method targets the smallest balance first, which gives quicker psychological wins. Both work. The avalanche method is more efficient, but the snowball method has a higher completion rate because early wins build motivation. This calculator handles one debt at a time, so use it to model each debt individually.
How much can I save by paying extra?
The savings depend on your balance, rate, and how much extra you pay. As a rough guide, on high-interest debt (15-25% APR), every extra $100/month can save $1,000 to $3,000+ in total interest and cut months or years from your timeline. The comparison table in this calculator shows you the exact savings for your specific situation.