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Debt Payoff Calculator

See when you'll be debt-free and how much you save by paying extra each month.

Calculate Your Debt Payoff

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Tip: Most credit cards require ~2% of balance as minimum payment.
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Payoff Date (Minimum Only)
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0 months
Time to Payoff (min payment)
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Interest Paid (min payment)

Why Extra Payments Matter So Much

On a $12,000 credit card balance at 22.99% APR, making only the minimum payment can take over 7 years and cost $7,000+ in interest. Adding just $100/month extra can cut that to 3.5 years and save over $4,000.

The avalanche method (targeting highest-rate debt first) minimizes total interest paid. The snowball method (targeting smallest balance first) provides psychological wins. Either strategy works — the key is starting.

Debt Payoff FAQ

What's the fastest way to pay off debt?
Pay as much as you can above the minimum each month. If you have multiple debts, the avalanche method (highest rate first) saves the most money. The snowball method (smallest balance first) can be more motivating. Both outperform minimum-only payments by years.
Should I pay off debt or save?
If your debt interest rate is higher than what you'd earn in savings (which is almost always true for credit cards), pay off the debt first. However, always maintain a small emergency fund first — even $1,000 — to avoid adding more debt when unexpected expenses arise.
What is a debt avalanche vs. snowball?
Avalanche: Pay minimums on all debts, throw extra money at the highest-interest debt first. This minimizes total interest paid. Snowball: Pay minimums on all debts, throw extra at the smallest balance first. This creates psychological wins but costs more in interest over time.
Does making bi-weekly payments help?
Yes. Paying half your monthly payment every two weeks results in 26 half-payments (13 full payments) per year instead of 12. This extra payment per year can shave months or years off a mortgage or car loan.