Debt Payoff Calculator
Enter a balance, interest rate, and monthly payment to see exactly how long payoff takes and what it costs — then compare the effect of paying extra. Nothing is uploaded; the maths runs in your browser.
Debt payoff calculator
At $150 per month
4 years and 2 months
Total interest paid: $2,359. Total cost of the debt: $7,359.
At $200 per month
2 years and 9 months
The extra $50 per month saves $837 in interest and finishes 17 months sooner.
Picking a payoff order when you have several debts
If you carry more than one debt, the classic question is which to attack first. Two well-known methods both work: keep paying minimums on everything, then put every spare amount into a single debt. The avalanche method targets the highest interest rate first — usually the cheapest overall. The snowball method targets the smallest balance first — usually the quickest motivational win. The best choice is whichever keeps you paying extra every month until the last balance is gone.
Fit the payments into your plan with the step-by-step budgeting guide, and see what freeing up this money could achieve with the savings goal calculator.
Frequently asked questions
- Why does my payment seem to barely shrink the balance?
- Each month, interest is charged on the remaining balance before your payment is applied. If the payment only slightly exceeds the monthly interest, the balance falls very slowly — and if it never exceeds the interest, the balance would never be paid off at all. The calculator flags that situation so you can raise the payment.
- What is the difference between the snowball and avalanche methods?
- Both use the same idea — pay minimums everywhere, then put every spare amount into one debt at a time. The snowball method targets the smallest balance first for a quick, motivating win. The avalanche method targets the highest interest rate first, which usually costs less in total interest. Choose whichever you will actually stick with.
- Does the calculator include fees?
- No — it models the balance and the interest rate only. Annual fees, late fees, and balance-transfer fees are not included, so a real payoff could cost slightly more if those fees apply to you.
- Should I invest instead of paying off debt faster?
- For high-interest debt like credit cards, paying it off is often the most reliable return available: clearing a 20% APR balance is like earning a guaranteed 20%. Decisions about lower-interest debt depend on your full situation, and are worth discussing with a qualified adviser.
Watch interest in real time
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