Debt Payoff Calculator — Free 2026
Home › Calculators › Debt Payoff Calculator
Debt Payoff Calculator
See your exact payoff date and total interest — then find out how much extra payments save
↻ Updated 2026 — All debt types
Enter your debt details
Current balance ($)
Interest rate (APR %)
Monthly payment ($)
Extra monthly payment ($)
See how much faster extra payments get you debt-free.
Time to debt-free
Total interest paid
Total amount paid
Monthly interest cost
Debt-free date
Assessment
With extra $/mo
New payoff time
Months saved
Interest saved
Total interest paid
—
Debt-free year
19.99%
Avg credit card APR (2026)
How the Debt Payoff Calculator Works
This calculator uses the standard loan amortization formula to find exactly how many months it takes to pay off your debt and how much total interest you will pay over that time.
Months = −ln(1 − r × Balance ÷ Payment) ÷ ln(1 + r) where r = APR ÷ 12
Each month, interest accrues on the remaining balance first. Your payment covers that interest, then the remainder reduces the principal. As the balance falls, more of each payment goes to principal — accelerating payoff. This is why even small extra payments early in repayment have an outsized impact on total interest paid.
3 Strategies to Pay Off Debt Faster
Mathematically optimal
🏔 Avalanche Method
Pay minimums on all debts. Throw every extra dollar at the highest-interest balance first. Minimizes total interest paid. Best if you're motivated by the numbers.
Psychologically powerful
⛄ Snowball Method
Pay minimums on all debts. Throw every extra dollar at the smallest balance first. Builds momentum through quick wins. Best if you need motivation to stay on track.
Rate arbitrage
🔄 Balance Transfer / Refi
Move high-rate debt to a 0% intro APR card or lower-rate personal loan. Even a 3–5% rate cut saves thousands. Run this calculator with the new rate to see the difference.
Frequently Asked Questions
On a $15,000 credit card at 19.99% APR with a $350/month payment, you pay it off in 62 months and pay $6,700 in interest. Add $100/month and you pay it off in 44 months and pay $4,400 in interest — saving $2,300 and 18 months. The earlier you add extra payments, the bigger the impact.
APR (Annual Percentage Rate) includes the interest rate plus any fees, expressed annually. For credit cards, APR and interest rate are typically the same since fees are charged separately. For personal loans, APR is slightly higher than the stated rate due to origination fees. Always use APR when calculating the true cost of your debt.
If your debt's APR exceeds expected investment returns (~7% for index funds), pay off the debt first. Credit card debt at 20%+ APR should almost always be prioritized over taxable investing. Exception: always contribute enough to get any employer 401(k) match — that is an instant 50–100% return.
On high-interest debt, a large chunk of every payment goes to interest. On a $15,000 balance at 20% APR, the first month's interest alone is $250. If your payment is $300, only $50 reduces your balance. This is why minimum payments keep people in debt for years — and why paying even a little more accelerates payoff dramatically.