Debt Payoff Calculator — Find Your Debt-Free Date
Calculate exactly how long it will take to pay off your debt and how much interest you'll pay.
Enter Your Numbers
Optional extra principal
Your Results
Payoff Time
3y 8m
Without extra: 5y 5m
Interest Saved
$3,633
21 months sooner
Balance Paydown Over Time
| Starting Balance | $15,000 |
| Monthly Payment | $400 |
| Extra Payment | $100 |
| Total Monthly | $500 |
| Total Interest (with extra) | $6,977 |
| Total Interest (base) | $10,610 |
| Interest Saved | $3,633 |
| Months Saved | 21 |
Get Your Personalized PDF Report
Everything above plus:
- Detailed breakdown with your exact numbers
- How you compare to the national average
- Personalized recommendations
- Save and revisit anytime
No spam. Unsubscribe anytime.
Recommended next step
Partner links. We may earn a commission at no cost to you. This does not affect our editorial independence or calculator accuracy.
How This Calculator Works
Monthly Interest = Balance × (APR / 12)
Principal Paid = Monthly Payment − Monthly Interest
Repeat each month until balance reaches zero. Adding extra principal payment each month directly reduces the balance and future interest charges.
Frequently Asked Questions
Avalanche method: pay minimums on all, put extra toward highest-rate debt. Saves the most interest. Snowball method: lowest balance first, builds momentum.
Even $50-$100/month extra makes a huge difference. On a $10K card at 20%, an extra $100/month saves $4,000+ in interest and 3 years.
Mathematically, avalanche saves more. Psychologically, snowball wins (small victories keep you motivated). Choose based on your personality.
Build a $1,000 starter emergency fund first. Then aggressively pay off high-interest debt. Then build full 3-6 month emergency fund.
At minimum payments on 22% APR: 30+ years. At $500/month: ~8 years, $25K+ in interest. At $1,000/month: ~4 years, $11K in interest. Pay more, pay faster.
Related Calculators
Calculations are for educational purposes only. Consult a qualified financial advisor for personalized advice.