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Debt Payoff Calculator

Calculate credit card payments, payoff timelines, and interest costs.

Debt Information

Payoff Strategy

Pay minimum on all debts, put extra money toward highest interest rate first

Additional Payment

Additional amount to put toward debt payoff

Your Debts

$
$
%
$
$
%
$
$
%

Debt Payoff Plan

Debt-Free Date

8/12/2029

35 months

Total Interest

$3,917

Interest paid

Interest Saved

$5,833

vs minimum payments

Total Paid

$19,917

Principal + Interest

Monthly Savings After

$575

Available after debt-free

Principal vs Interest

Debt Summary

Total Debt:$16,000
Total Interest:$3,917
Total Minimum Payments:$375
Extra Payment:$200
Total Monthly Payment:$575

Debt Payoff Tips

  • • Make all minimum payments to avoid late fees and credit damage
  • • Put any windfalls (tax refunds, bonuses) toward debt
  • • Consider consolidating high-interest debt if you qualify for lower rates
  • • Cut expenses temporarily to maximize extra payments
  • • Build a small emergency fund to avoid new debt

How it works

When you have several debts, this calculator pools your total monthly payment, covers every minimum, then throws the extra at one target debt until it's gone — rolling that freed-up payment onto the next. Two ordering strategies decide the target: avalanche (highest interest rate first) and snowball (smallest balance first).

Each debt amortizes the same way

Monthly interest = Balance · (APR ÷ 12)        Extra payment → applied to the target debt's principal
Avalanche
order debts by APR, highest first → least total interest
Snowball
order debts by balance, smallest first → fastest first “win”

Worked example

  • Card A: $2,000 at 24% APR
  • Card B: $6,000 at 12% APR
  • You can pay $400/month total
  1. Avalanche targets Card A first (24% > 12%) → least interest paid
  2. Snowball also targets Card A first here (it's also the smallest)

Either way you clear both faster than paying minimums, and avalanche minimizes the total interest.

Good to know

  • Avalanche is mathematically optimal (least interest); snowball wins on psychology — an early payoff keeps people going.
  • The single biggest lever is the extra amount above the minimums; the ordering matters far less than consistently overpaying.
  • Stop adding new debt while you pay down — otherwise you're refilling the bucket faster than you empty it.

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Verwandte Rechner

Häufig gestellte Fragen

How long will it take to pay off credit card debt?

Payoff time depends on balance, interest rate, and payment amount. Paying only minimums can take decades and cost thousands in interest.

Should I pay off highest interest or smallest balance first?

Mathematically, pay highest interest first (avalanche method). Psychologically, smallest balance first (snowball method) provides motivation.

How does credit utilization affect my score?

Keep credit utilization below 30% of available credit, ideally under 10%. High utilization negatively impacts your credit score.