Debt Payoff Calculator
Adding a little extra to your monthly payment cuts years off your debt and saves hundreds in interest. This calculator shows the exact payoff date and interest saved.
How this calculator works
The calculator runs two amortizations on your balance at the monthly rate: one with your current payment and one with your current payment plus the extra amount. Every extra dollar goes straight to principal, so the second schedule pays off months earlier and accrues far less interest. The difference between the two totals is your interest saved. For multiple debts, the debt avalanche method (highest rate first) saves the most money; the snowball method (smallest balance first) builds momentum.
Frequently asked questions
What is the debt avalanche vs snowball method?
Avalanche: pay minimums on everything, put extra cash toward the highest-interest debt first — mathematically optimal. Snowball: pay off the smallest balance first for psychological wins. The best method is the one you will actually stick with.
Should extra payments go to principal or future payments?
Always direct extra payments to principal and tell your lender to apply them that way. Otherwise the extra may be treated as a prepayment of future interest, and you lose the benefit.
Should I invest or pay off debt?
Debt above roughly 5–6% (most credit cards) should be paid off before investing beyond an employer match — the guaranteed return beats almost any market assumption. Low-rate debt like a 2% auto loan can reasonably be stretched while you invest.
Disclaimer: Results are estimates for general information only and do not constitute financial, tax, or legal advice. Figures reflect 2026 rules and may change. Always confirm current limits and consult a qualified professional before making decisions. Official figures: IRS.gov · 2026 limits per IRS tax inflation adjustments.