Debt Payoff Calculator
Find out exactly when you'll be debt-free. Compare payoff methods and see how extra payments shorten your timeline.
Payoff Summary
Time to Payoff
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Payoff Date
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Total Interest
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Total Paid
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Comparison vs Minimum
Interest Saved
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Months Saved
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Method
Snowball
💡 Paying an extra $0/month saves you $0 in interest and gets you debt-free 0 months sooner.
How to use the debt payoff calculator.
- Enter your total debt balance and the annual interest rate (APR).
- Enter your planned monthly payment and any extra amount you can add.
- Choose between Snowball or Avalanche payoff method (same result for single debt).
- Click "Calculate Payoff" to see your timeline, total interest, and comparison to minimum payments.
Frequently asked questions.
What's the difference between snowball and avalanche?
The snowball method focuses on paying off the smallest debts first for psychological wins. The avalanche method targets the highest-interest debt first to minimize total interest paid. Snowball is better for motivation; avalanche is mathematically optimal.
How does making extra payments help?
Extra payments go directly toward principal after covering interest, reducing the balance faster and shortening the payoff timeline. Even small extra payments can save hundreds or thousands in interest over the life of the debt.
Should I pay off debt or save for an emergency fund first?
Most experts recommend saving a small emergency fund ($1,000–2,000) first, then aggressively paying down high-interest debt. Once debt is cleared, build a full 3-6 month emergency fund. This prevents new debt from unexpected expenses.
What is a good debt-to-income ratio?
Lenders prefer a debt-to-income (DTI) ratio below 36%, with no more than 28% going to housing costs. A DTI above 43% is considered risky and may make it harder to qualify for new credit or favorable interest rates.