Debt Payoff Calculator
Create your debt-free plan. Calculate how long it will take to pay off your debt.
Debt details
Enter your debt information
The total amount you currently owe on this debt.
APR is on your statement or online account. Credit cards average ~20%.
Must exceed the minimum interest charge to make progress.
Anything extra you throw at the balance each month speeds up payoff.
Payoff timeline
Your path to becoming debt-free
Debt-Free In
4 years 8 months
Total interest
$7,400
Total paid
$22,400
Monthly Payment
$400
Debt reduction
Watch your debt disappear
Payment breakdown
Principal vs. interest
Strategies for Paying Off Debt
Two popular strategies exist for paying off multiple debts: the Avalanche method targets debts with the highest interest rates first, saving you the most money over time. The Snowball method focuses on paying off the smallest balances first, providing psychological wins to keep you motivated. Choose the strategy that works best for your situation and stick with it consistently.
Payoff Time
4 yr 8 mo
Total interest
$7,400