Debt Payoff Calculator
See how long it takes to pay off debt and how much interest you'll pay. Compare with extra payments to save money.
Debt Free In
8y 4m
100 months
Total Interest
$14,733.15
Total Paid
$29,733.15
Extra Payment Comparison
+$0.00/mo100 monthsInt: $14,733.15
+$50.00/mo72 monthsInt: $10,172.60
+$100.00/mo58 monthsInt: $7,861.07
+$200.00/mo41 monthsInt: $5,464.71
+$300.00/mo33 monthsInt: $4,215.11
+$500.00/mo23 monthsInt: $2,918.95
Frequently Asked Questions
How does extra payment help with debt?+
Extra payments go directly to principal. On a $15,000 credit card at 18.9%, minimum $300/mo takes 76 months and $7,700 in interest. Adding $200/mo cuts it to 38 months and $3,300 interest — saving $4,400.
Should I pay off high interest debt first?+
The avalanche method (highest interest first) saves the most money mathematically. The snowball method (smallest balance first) provides psychological wins. Both work — pick the one you'll stick with.
Why does my balance barely go down at first?+
With high interest rates, most of your early payments go to interest. On a $15K balance at 18.9%, the first month's interest alone is $236. Only $64 of a $300 payment reduces your balance.