Debt Payoff Calculator
Enter your debts and an extra monthly payment to see how fast you can be debt free and how much interest you will save.
This free debt payoff calculator shows you two things that matter most when you are trying to get out of debt: how many months it will take, and how much total interest you will pay. Enter your balances, interest rates, and minimum payments, add whatever extra amount you can afford each month, and the calculator maps your entire payoff timeline. You can compare the debt snowball and debt avalanche methods side by side to see which clears your debt faster and which saves you more.
How to use this calculator
- 1Add each of your debts with its current balance, interest rate, and minimum monthly payment.
- 2Enter the extra amount you can put toward debt each month on top of your minimums.
- 3Choose a payoff method, or use the comparison view to see snowball and avalanche together.
- 4Read your results: your debt-free date, total interest paid, and total amount paid.
Tip: the single biggest lever is your extra monthly payment. Try a few amounts to see how much faster even a small increase gets you to zero.
How this calculator works
The calculator applies your minimum payments to every debt each month, then directs your extra payment to one target debt at a time. With the snowball method it targets your smallest balance first; with the avalanche method it targets your highest interest rate first. When a debt is paid off, its full payment rolls onto the next target debt, so your payoff accelerates over time.
The formula applied each month:
monthly_interest_rate = annual_rate / 100 / 12
interest_charge = remaining_balance x monthly_interest_rate
principal_paid = monthly_payment - interest_charge
new_balance = remaining_balance - principal_paid
Interest is calculated monthly on each remaining balance. The results are estimates for planning and assume your rates and payments stay constant. For debt consolidation scenarios, the calculator compares your current blended interest cost against a single consolidated loan at a new rate and term, showing the difference in monthly payment, total interest, and payoff timeline.
Simple Debt Payoff Calculator
Enter one debt to see your payoff timeline and total interest, or find the payment needed to hit a target date.
Paying $200 per month, you would be debt free in 2yr 9mo and pay $1,522 in total interest.
Debt-Free In
2yr 9mo
Total Interest
$1,522
Total Paid
$6,522
Balance Over Time
Frequently Asked Questions
How does a debt payoff calculator work?+
How can I pay off my debt faster?+
Should I use the snowball or avalanche method?+
Does a debt consolidation calculator account for the loan term?+
Educational content only: The information on this website is for general educational purposes and is not financial, legal, or tax advice. Individual circumstances vary. Always consult a licensed professional before making financial decisions.