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Debt

Debt payoff

See how long it takes to clear a balance with your minimum payment plus any extra you can add each month.

Debt details

Amount you still owe on this debt today — credit card, personal loan, or similar revolving/fixed balance.
$
Yearly rate charged on the balance. Higher APR means more interest each month and a longer payoff if you only pay the minimum.
%
Fixed monthly payment you plan to make (or the card’s stated minimum). Must cover monthly interest or the balance never pays off in this model.
$
Additional amount toward principal each month beyond the minimum. Extra payments shorten payoff time and reduce total interest.
$

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%

Breakdown
Total interest$7,210
Interest saved vs minimum only$5,723

Minimum payment only

Payoff time
7 yrs 10 mo
Total interest
$12,934
Total paid
$22,210
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.

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