Debt Payoff Calculator
Enter your balance, interest rate and monthly payment to see your payoff date and total interest — then add an extra payment to see the time and money it saves.
Try adding even $25 to see the difference.
- Current payment ($0)
- With $0 extra
The steeper line reaches zero sooner — that gap is the extra payment doing its work.
| Plan | Monthly payment | Time to payoff | Total interest |
|---|---|---|---|
| Current | $0 | 0 months | $0 |
| With extra | $0 | 0 months | $0 |
What this means
Paying $0 a month clears this debt in 0 months and costs $0 in interest. Adding $0 cuts it to 0 months.
How it works
Every extra dollar goes straight against principal, so it saves interest for the whole remaining life of the loan. With several debts, the avalanche method (highest interest rate first) saves the most money; the snowball method (smallest balance first) builds motivation faster.
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Avalanche vs snowball
Avalanche pays the highest interest rate first and costs the least overall. Snowball pays the smallest balance first and produces quicker wins. Avalanche wins on math; snowball wins when motivation is the real constraint. Either beats paying minimums across the board.
Why extra payments punch above their weight
Every extra dollar goes straight against principal, so it removes all the future interest that dollar would have generated. This is why a small permanent increase often cuts months off the schedule.
Before you consolidate
Consolidation only helps if the new rate is genuinely lower and you stop adding to the old balance. A longer term at a lower rate can still cost more in total interest, so compare total cost, not just the monthly payment.
Common questions
- Should I invest or pay off debt?
- Interest above roughly 8–10% is very hard to out-earn reliably, so clear that first. Low-rate debt such as a mortgage can reasonably run alongside investing.
- Does paying off debt help my credit score?
- Yes — lower balances relative to your limits, plus a record of on-time payments, are two of the largest factors.
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