Debt Payoff Calculator
See exactly how long it takes to clear a balance, how much interest you'll hand over, and — the motivating part — how much time and money an extra payment saves.
Paid off in
4 yr 1 mo
with $4,158 paid in interest
Adding $100/mo
Debt-free in 2 yr 6 mo — 1 yr 7 mo sooner and $1,695 less interest.
Estimates assume a fixed rate and payment, interest compounding monthly. Real card terms vary. Not financial advice. How we work.
Worked examples
Straight from the calculator — see how much a small extra payment changes the picture.
| Scenario | Payoff | Interest | With extra | You save |
|---|---|---|---|---|
| $8,000 card · 22% · $250/mo | 4 yr 1 mo | $4,158 | +$100/mo → 2 yr 6 mo | 1 yr 7 mo · $1,695 |
| $5,000 · 18% · $150/mo | 3 yr 11 mo | $1,984 | +$50/mo → 2 yr 8 mo | 1 yr 3 mo · $670 |
| $12,000 · 24% · $350/mo | 4 yr 11 mo | $8,458 | +$150/mo → 2 yr 10 mo | 2 yr 1 mo · $3,947 |
The pattern is always the same: on high-APR debt, a modest extra payment cuts years and often over a thousand dollars in interest.
How to read your result
Early in a high-APR debt, most of each payment is interest, not principal — which is why balances feel stuck. Two levers change that: paying more (every extra dollar goes straight at principal) and lowering the rate. Try adding even $25–50 in the extra-payment field and watch the payoff date and total interest drop.
If your APR is high (roughly 15%+), a lower-rate personal loan or a 0% balance-transfer card can cut months and hundreds in interest — but only if the new rate is genuinely lower and you don't rebuild the balance. We break down one honest option in our SoFi review.
FAQ
Snowball or avalanche — which is better?
Mathematically, avalanche (highest-APR debt first) saves the most interest. Behaviorally, snowball (smallest balance first) gives quick wins that keep people going. The best one is the one you'll actually stick to. This calculator models a single balance; run it per debt to compare.
Why won't my balance go down?
If your monthly payment is at or below the monthly interest, the balance never falls — the calculator flags this. You need to pay more than the interest accrues, or lower the rate.
Should I refinance or do a balance transfer?
Only if the new rate is meaningfully lower and the fees don't erase the savings — and only if you won't run the old card back up. Refinancing a low-rate or federal debt to chase convenience is usually a mistake. Compare the true all-in cost, not the headline rate.
Estimates assume a fixed rate and payment with monthly compounding. Actual card terms, minimums, and fees vary. Not financial advice.