Debt Payoff Calculator
Calculate your debt payoff timeline and see how extra payments accelerate your journey to becoming debt-free. Our debt payoff calculator shows you exactly how much time and interest you can save with an aggressive payoff strategy.
Debt Information
Additional amount to pay each month
Minimum Payment Only
Payoff Time
0 months
Total Interest
$0
Total Paid
$0
With Extra Payment ($200/month)
Payoff Time
0 months
Total Interest
$0
Total Paid
$0
You Save
$0 and 0 months
Excellent progress! With your extra payments, you'll be debt-free in less than 3 years.
Debt Payoff Timeline Comparison
This chart shows how your debt balance decreases over time. The green line shows faster payoff with extra payments.
Total Cost Comparison
This chart compares total costs. The red portion shows interest paid - notice how much you save with extra payments.
Payment Breakdown Over Time (With Extra Payment)
This chart shows how your payments are split between principal and interest. Over time, more goes toward principal as your balance decreases.
Understanding Debt Payoff Strategies
Getting out of debt requires a solid plan and commitment. Our debt payoff calculator shows you exactly how much time and money you can save by making extra payments, helping you become debt-free faster and build wealth for your future.
Key Strategies
Debt Avalanche Method
Pay minimums on all debts, then put extra money toward the highest interest rate debt. This mathematically saves the most money but may take longer to see progress.
Debt Snowball Method
Pay minimums on all debts, then put extra money toward the smallest balance first. Quick wins provide psychological motivation, though you may pay more interest overall.
Extra Payments
Even small extra payments make a huge difference. An extra $100/month can cut years off your payoff timeline and save thousands in interest.
Balance Transfers
Transfer high-interest credit card debt to a 0% APR promotional card. This stops interest accumulation, allowing faster payoff during the promotional period.
Tips for Accelerating Payoff
- Apply windfalls (tax refunds, bonuses, gifts) directly to debt principal
- Cut one expense and redirect that money to debt payments
- Use a side hustle or overtime pay exclusively for debt elimination
- Round up payments to the nearest $50 or $100
- Make bi-weekly payments instead of monthly (results in one extra payment per year)
- Avoid taking on new debt while paying off existing balances
Disclaimer: This debt payoff calculator is provided for educational and informational purposes only. The calculations are estimates based on the inputs you provide and assume fixed interest rates and consistent payment amounts. Actual results may vary based on variable interest rates, fees, late payment penalties, and changes to your payment schedule. This calculator does not account for minimum payment changes, balance transfer fees, or other credit card terms. This tool should not be considered financial advice. Always review your actual account statements and consult with a qualified financial advisor or credit counselor before making debt management decisions.
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