Balance over time
Remaining balanceYear-by-year schedule
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This debt payoff calculator shows how quickly you can become debt-free - and how much interest you save - when you add an extra amount to your monthly payment. Enter your total balance, average interest rate, current payment, and any extra you can put in.
How to use it
Add up your debts into a total balance, estimate the average interest rate, and enter your current monthly payment. Then try different extra payment amounts and watch your debt-free date move sooner and the interest drop.
Why extra payments are so powerful
Every extra dollar goes straight to principal, which stops all the future interest that dollar would have generated. On high-interest debt, this creates a snowball effect - the balance falls faster each month, so even more of your regular payment attacks principal.
Snowball vs. avalanche
If you have several debts, the avalanche method (highest rate first) saves the most money, while the snowball method (smallest balance first) gives quick wins that keep you motivated. Either beats paying only the minimums.
Related
Debt Payoff Calculator FAQ
How can I pay off debt faster?
Add any extra amount to your monthly payment and it goes straight to principal, shrinking both the timeline and the interest. On $20,000 at 18% APR, adding $150/month on top of $500 can cut payoff by well over a year and save thousands in interest.
What is the debt snowball vs avalanche method?
Snowball pays the smallest balance first for quick wins and motivation; avalanche pays the highest interest rate first to save the most money. Both work - avalanche is mathematically cheaper, snowball is easier to stick with.
How long will it take to pay off my debt?
It depends on your balance, interest rate, and payment. Enter them above to see your exact debt-free date, and watch how an extra payment moves it sooner.
Should I pay off debt or save first?
Build a small starter emergency fund (about $1,000) first, then attack high-interest debt aggressively - paying off an 18%+ balance is a guaranteed return few investments can match. Keep any employer 401(k) match.
Does paying extra really save that much?
Yes. Because high-interest debt compounds against you, every extra dollar of principal stops future interest. Even small, consistent extra payments can save thousands and shave years off the payoff.
Written by Nicolas William, Lead Financial Editor at Finances News. Estimates for planning only. Last updated 2026.