Free Debt Payoff Calculator
Enter your balance, interest rate, and monthly payment. See your payoff date, total interest, and how much extra payments save you — instantly and free.
Payment schedule
First 12 of 50 payments| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $150.00 | $66.67 | $83.33 | $4,933.33 |
| 2 | $150.00 | $67.78 | $82.22 | $4,865.56 |
| 3 | $150.00 | $68.91 | $81.09 | $4,796.65 |
| 4 | $150.00 | $70.06 | $79.94 | $4,726.59 |
| 5 | $150.00 | $71.22 | $78.78 | $4,655.37 |
| 6 | $150.00 | $72.41 | $77.59 | $4,582.96 |
| 7 | $150.00 | $73.62 | $76.38 | $4,509.34 |
| 8 | $150.00 | $74.84 | $75.16 | $4,434.50 |
| 9 | $150.00 | $76.09 | $73.91 | $4,358.40 |
| 10 | $150.00 | $77.36 | $72.64 | $4,281.04 |
| 11 | $150.00 | $78.65 | $71.35 | $4,202.40 |
| 12 | $150.00 | $79.96 | $70.04 | $4,122.44 |
Pay highest-rate debt first. Saves the most interest.
Pay smallest balance first. Builds momentum.
Any extra each month cuts years off your timeline.
Even $50 extra/month on a $5,000 balance at 20% APR can save you over $800 in interest and cut your payoff time nearly in half.
How it works
How to use this free debt payoff calculator
Enter your balance
Type in your current outstanding debt balance.
Add your APR
Find your annual interest rate on your statement.
Set your payment
Enter your current monthly payment amount.
Try extra payments
Drag the slider to see how more money accelerates your payoff.
FAQ
Debt payoff questions answered
Common questions about paying off debt faster.
How does the debt payoff calculator work?+
Enter your balance, interest rate, and current monthly payment. The calculator shows how many months until you're debt-free, total interest paid, and how much you save by adding extra payments.
What is the avalanche vs. snowball method?+
The avalanche method pays off the highest-interest debt first — saving the most money overall. The snowball method pays the smallest balance first for quick wins and motivation. Both work; choose what keeps you on track.
How much does an extra $100/month really save?+
It depends on your balance and rate, but even a small extra payment can save hundreds or thousands in interest and shave years off your payoff timeline. Use the 'extra payment' slider above to see your specific savings.
What's a good interest rate on debt?+
Anything above 7–8% APR is worth prioritizing aggressively. Credit cards typically run 20–30% APR. Auto loans average 5–10%. Mortgages are usually 6–8%. The higher the rate, the faster you should pay it down.
Should I pay off debt or invest?+
If your debt's interest rate is higher than expected investment returns (~7%), pay off debt first. If your rate is low (under 5%), investing the difference can make sense. Always eliminate high-interest debt before investing.
Can I use this for multiple debts?+
This calculator is designed for a single debt. For multiple debts, run each separately, then consider the avalanche method — apply any freed-up payments to the next highest-rate debt once one is paid off.
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