Debt Payoff Calculator
Calculate payoff timeline and interest saved with extra monthly payments.
Frequently Asked Questions
The debt snowball method pays the smallest balance first, regardless of interest rate, for psychological motivation. The debt avalanche method pays the highest interest rate debt first, saving the most money in interest. Our calculator shows the fastest mathematical payoff using the avalanche approach.
Extra payments reduce principal faster, which means less interest accrues over time. For a $15,000 credit card debt at 18% APR with $400 minimum payments, paying just $100 extra per month can save over $2,000 in interest and cut 12 months off your payoff timeline.