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Debt Payoff Calculator
See when you could be debt-free, how much interest you may pay, and how extra payments change your payoff timeline.
Your debts
Add each balance you are paying down. Minimum payments establish your baseline obligation before extra payoff money is applied.
Payoff plan
Combined minimum payments: $465.00 per month.
Extra payment strategy
$
Estimated monthly debt payment: $665.00 (minimums plus extra). When a debt is paid off, its payment rolls toward the next prioritized balance.
What if?
Pay an extra $100 per month
Compare your current plan with $300.00 in additional monthly payments.
Debt Payoff Results
Your projected path to becoming debt-free based on the inputs above.
Debt-free in
2 yr 10 mo
Estimated payoff date: July 2029
Payoff summary
$19,200
Total starting debt
$3,307
Total interest
$22,507
Total amount paid
$465.00
Combined minimum payment
$200.00
Additional monthly payment
$665.00
Estimated monthly debt payment
Payoff timeline
- Credit CardPaid off — August 2028
- Car LoanPaid off — July 2029
- Debt freeJuly 2029
Compare snowball and avalanche side by side? Open the Snowball vs Avalanche Calculator.
How debt payoff calculations work
This calculator simulates each month of your payoff plan: interest accrues on remaining balances, required minimum payments are applied first, and any additional monthly payment goes toward the prioritized debt based on your selected strategy.
When a debt is paid off, its payment capacity rolls toward the next balance in the plan. Results show a projected debt-free date, total interest, and the order debts may disappear — not just today’s balances.
APR, minimum payments, and extra payments
APR drives how much interest accrues each month on a remaining balance. Minimum payments represent the required monthly amount on each debt; together they form your baseline obligation before extra payoff money is applied.
Additional monthly payments reduce principal faster and can shorten your debt-free timeline. Because this is a planning estimate, actual lender or card issuer calculations may differ slightly from these projections.
Snowball vs avalanche (high level)
Avalanche prioritizes the highest APR debt for extra payments, which often minimizes total interest. Snowball prioritizes the smallest balance first, which can create quicker early wins.
Use the dedicated Snowball vs Avalanche calculator for side-by-side strategy analysis. This calculator lets you switch strategies to see how payoff order and timing change.
Debt Payoff Calculator — Debt-Free Date & Interest Estimate
Model multiple debts together to estimate your debt-free date, total interest, and payoff order. See how minimum payments establish your baseline and how extra monthly payments change the timeline.
Common questions
- Are these payoff dates exact?
- No. This is a planning estimate based on the balances, APRs, minimum payments, and extra payment amount you enter. Actual payoff timing can differ if rates change, fees apply, or issuer rounding rules vary.
- What happens if my minimum payments are lower than monthly interest?
- A balance can grow when required payments do not cover accrued interest. The calculator flags those situations so you can adjust inputs or increase your monthly debt payment budget.
- Should I use snowball or avalanche?
- Avalanche often saves more interest by targeting high-APR debt first. Snowball can be easier to stick with when you want faster early payoffs on smaller balances. Try both strategies here to compare timing and total interest.