See exactly when you'll be debt-free and how much interest you'll save by paying more than the minimum.
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Start by entering your current debt balance, annual interest rate, and minimum monthly payment. The calculator instantly shows your payoff date, total interest paid, and the difference between sticking to minimum payments versus accelerating your payoff.
Use the Extra Monthly Payment slider to see the dramatic impact of paying even $50–$200 more each month. For a goal-oriented approach, enter a Target Payoff in months — the calculator will tell you exactly what monthly payment you need to hit that deadline.
The payoff schedule table gives you a month-by-month breakdown. Toggle between the yearly summary view and full monthly detail using the buttons above the table. Download the CSV to track progress in a spreadsheet.
The two most powerful levers for paying off debt faster are (1) increasing your payment amount and (2) reducing your interest rate through balance transfers or refinancing.
If you have multiple debts, choosing the right payoff order matters. The two dominant strategies are mathematically different but psychologically distinct.
Debt Avalanche: Pay minimums on all debts, then put every extra dollar toward the debt with the highest interest rate. Once that's paid off, roll its payment to the next-highest rate. This method minimizes total interest paid and is the mathematically optimal approach.
Debt Snowball: Pay minimums on all debts, then attack the smallest balance first regardless of rate. The quick wins from eliminating small accounts provide a psychological boost that research suggests leads to better completion rates for many people.
Which should you choose? If your interest rates are similar across debts, pick snowball for motivation. If you have one debt with a dramatically higher rate (like a 29% store card vs. a 9% personal loan), avalanche wins clearly. The best strategy is the one you'll actually stick to.
Enter your current balance, interest rate, and minimum payment. The calculator shows exactly when you'll be debt-free, total interest paid, and how much you save by adding extra monthly payments. It generates a month-by-month payoff schedule so you can see your balance drop over time.
The fastest strategies are the debt avalanche (paying highest-interest debt first) and making extra payments above the minimum. Even an extra $50–$100 per month can shave years off a credit card balance and save thousands in interest. Avoid adding new charges while paying down existing debt.
The debt avalanche targets the highest interest rate first, saving the most money mathematically. The debt snowball targets the smallest balance first, providing quicker psychological wins. Studies show the snowball method leads to higher completion rates for some people despite costing slightly more in interest.
On a $15,000 credit card balance at 18.9% interest with a $300 minimum payment, you'd pay approximately $7,800 in interest and take about 6.5 years to pay it off. By adding just $200/month extra, you'd pay off in under 4 years and save over $4,000 in interest.