Debt Payoff Calculator
Compare payoff time with and without extra payments.
- Regular payment time
- 4 yr 1 mo
- With extra payment
- 2 yr 6 mo
- Interest, regular
- $4,976.52
- Interest, with extra
- $2,987.62
How this calculator works
The calculator runs two payoff schedules month by month: one with your regular payment and one with the extra amount added.
Formula
Each month: Balance = Balance × (1 + r) − Payment
Example
Adding $150 to a $350 payment on $12,000 at 18% cuts payoff from about 49 to 30 months and saves close to $2,000.
When to use it
- Decide how much extra to pay
- Motivate a debt-free date
- Compare paying debt against investing
Frequently asked questions
Should I use the avalanche or snowball method?
The avalanche method pays the highest-rate debt first and saves the most interest. The snowball method pays the smallest balance first and can be more motivating.
Is it better to pay off debt or invest?
High-interest debt such as credit cards usually costs more than investments reliably earn, so paying it down first is often the better return.
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