Debt Payoff Calculator
Find out exactly when you'll be debt-free. Enter your balance, the APR, and how much you pay each month — see the payoff timeline and the total interest you'll hand over along the way.
Debt Payoff Calculator
Debt-free in
4y 4m
Total paid
$15,600
Interest paid
$5,600
Assumes a fixed monthly payment and no new charges. Estimate only.
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How to pay off debt faster
Two proven strategies: the avalanche (pay the highest-APR debt first to save the most interest) and the snowball (pay the smallest balance first for quick wins and motivation). Even small extra payments early cut the timeline and interest sharply. See the full comparison in Debt Snowball vs. Debt Avalanche.
Example: paying off $10,000 at 22% APR
The higher your monthly payment, the less you hand over in interest — the difference is dramatic:
| Monthly payment | Time to payoff | Total interest |
|---|---|---|
| $250 | ~73 months (6+ yrs) | ~$8,250 |
| $400 | ~34 months | ~$3,600 |
| $600 | ~21 months | ~$2,300 |
Frequently asked questions
How long will it take to pay off my debt?
It depends on your balance, your interest rate (APR), and how much you pay each month. This calculator runs the amortization math and shows the number of months to reach a zero balance, assuming a fixed payment and no new charges.
Why does so much of my payment go to interest?
Each month, interest is charged on your remaining balance first; only what's left of your payment reduces the principal. At high APRs (like 20%+ on credit cards), a large share of an early payment goes to interest — which is why paying extra early saves the most.
What if my payment barely covers the interest?
If your monthly payment is less than the monthly interest, the balance never goes down and the debt is never paid off. The calculator flags this so you know the minimum payment required to make progress.
Should I pay off debt or invest first?
As a rule of thumb, clear high-interest debt (credit cards, often 20%+ APR) before investing — eliminating that interest is a guaranteed return few investments reliably beat. For low-interest debt like a sub-5% mortgage, investing alongside regular payments can make sense.
Does paying extra early really make a difference?
Yes — a big one. Because interest is charged on your remaining balance, extra payments early reduce principal that would otherwise accrue interest for years. Even one or two larger payments up front can cut months off the timeline and hundreds off the total interest.