Free Debt Payoff Calculator
Enter your debt balance, interest rate and monthly payment to see exactly when you'll be debt-free and how much interest you'll pay. See how much a higher payment helps.
Debt Payoff Calculator
Mr B says: Even a small increase to your monthly payment cuts the interest dramatically. Try bumping the payment by $50 and watch the payoff date move forward — it's satisfying.Why the minimum payment barely moves the balance
Minimum payments on credit cards and many personal loans are calculated to cover that month's interest plus a small sliver of principal — often as little as 1–3% of the balance. That's why a credit card debt can sit at almost the same balance for years if you only ever pay the minimum: most of the payment is going straight to interest, and the principal barely shifts.
The real impact of paying more than the minimum
Every extra dollar above the minimum goes entirely to principal, because that month's interest is already covered. Reducing the principal faster means next month's interest charge is calculated on a smaller balance, which means a larger share of next month's payment also goes to principal. The effect compounds — a relatively small increase in monthly payment can cut years off a payoff timeline and save a significant amount in total interest, which is exactly what this calculator is designed to show you.
What to do once a debt is paid off
The most effective habit after clearing a debt is redirecting that same monthly payment straight into either the next debt (see our snowball vs avalanche calculator) or into savings. It's easy to let a freed-up payment quietly get absorbed into everyday spending instead — deciding where it goes in advance keeps the momentum from the payoff working for you.
Common questions