Debt Payoff Calculator
Calculate your debt payoff timeline and see how extra payments can save you money
| Month | Payment | Principal | Interest | Balance | Total Interest |
|---|---|---|---|---|---|
| 1 | $250 | $96 | $154 | $9,904 | $154 |
| 2 | $250 | $97 | $153 | $9,807 | $307 |
| 3 | $250 | $99 | $151 | $9,708 | $458 |
| 4 | $250 | $100 | $150 | $9,608 | $608 |
| 5 | $250 | $102 | $148 | $9,506 | $756 |
| 6 | $250 | $103 | $147 | $9,402 | $902 |
| 7 | $250 | $105 | $145 | $9,297 | $1,047 |
| 8 | $250 | $107 | $143 | $9,191 | $1,191 |
| 9 | $250 | $108 | $142 | $9,082 | $1,332 |
| 10 | $250 | $110 | $140 | $8,972 | $1,472 |
| 11 | $250 | $112 | $138 | $8,861 | $1,611 |
| 12 | $250 | $113 | $137 | $8,747 | $1,747 |
| Year 1 | yearly totals → | $1,253 | $1,747 | $8,747 | $1,747 |
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Get Started FreeFrequently Asked Questions
How does extra payment save me money?
Extra payments go directly toward your principal balance, reducing the amount that accrues interest. Even small extra payments ($50-100/month) can save thousands in interest and shave years off your payoff timeline.
What is an amortization schedule?
An amortization schedule shows the month-by-month breakdown of each payment into principal and interest. Early in the loan, most of your payment goes to interest. Over time, more goes to principal. The calculator above generates a full schedule.
Should I use debt avalanche or debt snowball?
Debt avalanche (paying highest interest first) saves the most money. Debt snowball (paying smallest balance first) gives quicker wins for motivation. Both work — pick the one you'll stick with.
How long will it take to pay off my debt?
It depends on your balance, interest rate, and monthly payment. Use the calculator above to see your exact payoff timeline, and experiment with extra payments to see how much faster you can become debt free.
What is a good strategy for paying off credit card debt?
Stop adding charges, pay more than the minimum, and consider a balance transfer to a lower rate. Use the calculator above to see how increasing your monthly payment affects your payoff date and total interest paid.