Debt
Debt payoff calculator
See how long it takes to clear a balance with your minimum payment plus any extra you can add each month.
Debt details
Payment must exceed monthly interest to pay off the balance. Add extra to shorten payoff time and cut interest.
Debt-free in
4 yrs 8 mo
Paying $400/mo on a $15,000 balance at 18%
Total interest
$7,210
Interest saved vs min only
$5,723
Minimum payment only
- Payoff time
- 7 yrs 10 mo
- Total interest
- $12,934
- Total paid
- $22,210
How this debt payoff timeline is built
Minimum payments keep an account current. They often leave most of the balance intact. This page models one revolving-style balance at a time: interest each month on what you still owe, then payment minus interest as principal.
Monthly loop
- Interest = remaining balance × (APR ÷ 12)
- Principal reduction = payment − interest
- New balance = old balance − principal reduction
If the payment does not cover interest, the balance never falls. The calculator marks that path not feasible so you raise the payment instead of staring at an infinite timeline.
Minimum vs minimum + extra
You enter current balance, APR, minimum payment, and extra principal. Two paths run: minimum only, and minimum plus extra. When both are feasible you see months to payoff, total interest, total paid, and interest saved by the extra.
Every dollar of principal you remove early never accrues interest later. That is compounding in reverse. On a high-APR card, an extra $50–$100 often cuts years.
Snowball vs avalanche
This tool is one debt. Popular multi-debt orders still start here: snowball (smallest balance first) or avalanche (highest APR first). Run the page once per statement, then pick an order. New charges, penalty APRs, and 0% promos are not modeled.
If the other use of the extra dollar is investing, use extra payment vs invest. Keep a cash floor first: emergency fund.
Guide: how extra payments cut debt.
Frequently asked questions
Read how extra payments cut debt
How does extra payment reduce interest?
Each month the model applies annual interest rate (APR) as monthly interest, then applies your minimum plus extra payment. Extra goes to principal after interest, so the next month’s interest is lower and you finish sooner with less total interest than minimum-only payments.
What if my payment is too low?
If the total monthly payment does not cover monthly interest, the balance never shrinks and payoff is not feasible. Increase the minimum or extra until payments exceed interest each month.
Is this snowball or avalanche?
This tool models one balance at a time. Use snowball (smallest balance first) or avalanche (highest APR first) by running the calculator per account and ordering them yourself.
Compare this
Two paths, same math — pick the number that matches the decision.
Related calculators
Next tools in this path — or open the playbook, or read the guide.