Debt Payoff Calculator

Calculate your debt-free date and see exactly how much you can save in interest by paying more than the minimum.

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Enter Your Debt Detailss

Adjust this to see how extra payments change your payoff date.

Debt-Free Date

May 2028

Time to Payoff

25 months

Total Interest

$1,024

Your Payoff Trajectory

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Have multiple debts?

Combine them as one total above, or tackle them individually using two popular strategies: Debt Snowball (pay smallest balances first for quick wins) or Debt Avalanche (pay highest interest first to save money). Read more below to see which is right for you.

Compare Strategies ↓

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How to use this calculator

Getting out of debt starts with a plan. This calculator helps you see the light at the end of the tunnel. Here's how to use it:

  1. Total Debt Balance: Enter the sum of all your current debts. If you have just one credit card, enter its balance.
  2. Interest Rate: Enter the Annual Percentage Rate (APR). If you have multiple cards with different rates, enter the highest rate to be safe, or estimate an average.
  3. Monthly Payment: Start by entering the minimum payment you currently make. Then, increase it by $50 or $100 and watch how drastically your Debt-Free Date and Total Interest change.

Factors that affect your results

When evaluating your debt, your monthly payment amount is the single biggest factor you control. Paying just the minimum keeps you trapped in debt for years, mostly paying interest.

Debt Snowball vs. Debt Avalanche

If you have multiple credit cards or loans, you'll need a strategy for which one to attack first.

The Debt Snowball

How it works: Order debts from smallest balance to largest. Pay the minimums on everything, but throw all extra cash at the smallest debt. Once it's gone, roll its payment into the next smallest.

Why choose it: Psychological quick wins. Seeing a balance hit zero gives you the motivation to keep going.

The Debt Avalanche

How it works: Order debts from highest interest rate to lowest. Pay minimums on everything, but throw all extra cash at the debt with the highest APR.

Why choose it: Mathematical efficiency. This method will technically make you debt-free faster and save you the most money in total interest.

What to consider next

Now that you know your target payoff date, it's time to take action.

  • Stop creating new debt: Avoid using your credit cards while paying them off.
  • Look for a Balance Transfer: If you have good credit, consider transferring your high-interest debt to a 0% APR Balance Transfer card. Check out our recommended finance books to help reshape your habits.
  • Automate payments: Set up autopay for your new target monthly payment so you don't even have to think about it.

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