Debt Payoff Calculator
Plan when you'll be debt-free across several debts, and how much an extra monthly payment saves.
About the Debt Payoff Calculator
List each debt on its own line with its balance, APR and minimum payment, then enter how much extra you can pay each month. The calculator shows when you'll be debt-free, the interest you'll pay, and how much sooner and cheaper it is than paying only the minimums.
The plan pays every minimum, then puts your extra money on the highest-interest debt (the avalanche method), rolling each cleared payment onto the next. This costs the least interest.
The formula
Simulated month by month with interest at APR ÷ 12
Worked example
The four debts on this page (credit card, store card, car loan, personal loan) with 200 extra a month
- Minimum payments total 615 a month
- With the extra 200: debt-free in 2 years 6 months, with 3,117 of interest
- That's 14 months sooner and 3,042 less interest than minimums alone
Things to keep in mind
- Assumes no new borrowing and fixed rates; promotional 0% periods that end are not modelled.
- Minimum payments on cards usually fall as the balance falls; here they stay fixed, which is a faster, more cautious plan.
Questions people ask
What's the fastest way out of debt?
Pay as much extra as you can to the highest-rate debt and avoid new borrowing.
Avalanche or snowball?
Avalanche (highest rate first) costs least. Snowball (smallest balance first) costs a little more but clears debts sooner, which some people find motivating.
Should I consolidate?
If you can get a lower rate without high fees, yes; try the consolidation calculator.