Use our Debt Payoff Calculator to see how long it will take to eliminate your balance, how much interest you will pay, and how much faster you can become debt-free by adding extra monthly payments.
What the Debt Payoff Calculator does
This calculator estimates your payoff timeline and total interest based on your current balance, annual percentage rate (APR), and the amount you plan to pay each month. It also shows the impact of adding an extra monthly amount, so you can quickly compare strategies and choose the plan that gets you debt-free sooner with less interest paid.
How to use the calculator
- Enter your current balance and APR. If your APR is 19.99%, type 19.99.
- Enter your planned monthly payment. This can be the minimum due plus any extra you already pay.
- Optionally, add an extra monthly payment to see how it accelerates payoff and reduces interest.
- Choose a start date if you want an estimated payoff date; otherwise, we’ll show just the number of months.
- Submit to see your payoff timeline, total interest, total paid, and potential savings versus making no extra payments.
Why payoff strategy matters
Interest compounds monthly on most debts, so paying more earlier reduces the principal faster and cuts future interest. A small extra payment can shave months off your timeline. For example, adding $25–$50 per month often saves hundreds in interest over the life of a typical credit card balance.
Snowball vs. avalanche (if you have multiple debts)
- Debt avalanche: Prioritize the highest APR first for the lowest total interest. Financially optimal.
- Debt snowball: Prioritize the smallest balance first for quick wins and motivation. Behaviorally powerful.
This Debt Payoff Calculator focuses on a single balance, but the same principles apply across multiple debts. If you’re juggling several accounts, you can run the calculator for each one or use a multi-debt strategy: make minimums on all, then send all extra to your current target (avalanche or snowball). When that debt is gone, roll its payment into the next one. This “debt rollover” dramatically speeds up progress.
Tips to pay off debt faster
- Automate your payment so you never miss a due date.
- Send extra payments immediately after payday to cut interest sooner.
- Redirect windfalls—tax refunds, bonuses, or side income—to principal.
- Negotiate a lower APR or consider a 0% balance transfer if you can pay it off during the promo period.
- Avoid new charges on the account you’re paying down, so every dollar goes toward principal.
Understanding your results
Your results include the number of months to pay off the debt, an approximate years-and-months conversion, total interest paid, and total amount paid. If you entered a start date, you’ll also see the estimated payoff date. We also show a comparison scenario with zero extra payment so you can see the time and interest you save by paying more each month.
Common roadblocks and fixes
- Payment too low: If your monthly payment is less than the interest charged each month, the balance can grow. Increase your payment until it’s higher than the monthly interest.
- High APR: A lower rate helps dramatically. Call your lender to request a reduction, or consider consolidating if the math makes sense after fees.
- Irregular income: Set a manageable base payment and add extras when possible; even small extras make a big difference over time.
Plan, track, and celebrate
Debt payoff is a journey. Use this Debt Payoff Calculator to set a clear timeline, measure your progress, and stay motivated. Re-run the numbers when your budget changes, when you get a raise, or after paying off another loan. Every extra dollar shortens your timeline and keeps more money in your pocket instead of going to interest.