Debt Payoff Calculator
By FiscallyAI Editorial (AI-assisted) • Updated 2026-02-19 • Educational tool
Enter your debts and monthly payment to see your debt-free date and total interest paid.
Combined balance across all debts
Weighted average across all debts
Amount you can pay each month
Optional: accelerate payoff
Your Debt-Free Plan
Debt-Free Date
March 2028
2 years and 5 months
⚠️ Payment too low!
Your payment won't cover the monthly interest.
💡 Paying Extra Saves You Money
Without Extra Payment
2 years 5 months
Interest: $2,456
With Extra Payment
1 year 10 months
Interest: $1,823
Save $633 in interest!
How This Calculator Works
This calculator shows how long it will take to pay off your debt based on your balance, interest rate, and monthly payment. It assumes fixed payments and a fixed interest rate.
What's a Realistic Monthly Payment?
A good rule of thumb: pay as much as you can above the minimum payment. The minimum is designed to keep you in debt for years. Even an extra $50-100/month can shave months (or years) off your payoff time.
Example: $10,000 Credit Card at 18% APR
| Monthly Payment | Time to Payoff | Total Interest |
|---|---|---|
| $200 (minimum) | 7.8 years | $8,616 |
| $300 | 3.9 years | $3,975 |
| $500 | 2 years | $1,857 |
| $1,000 | 11 months | $769 |
Debt Payoff Strategies
Debt Avalanche (Mathematically Optimal)
Pay minimum on all debts, then put extra money toward the highest interest rate debt first. This minimizes total interest paid.
- Best for: People motivated by math and savings
- Saves the most money overall
Debt Snowball (Psychologically Effective)
Pay minimum on all debts, then put extra money toward the smallest balance first. When that's paid off, move to the next smallest.
- Best for: People who need quick wins to stay motivated
- May cost more in interest, but higher success rate
Ways to Pay Off Debt Faster
- Increase income — Side hustles, overtime, asking for a raise
- Reduce expenses — Cut subscriptions, dine out less, negotiate bills
- Lower your interest rate — Balance transfer cards, debt consolidation loans
- Use windfalls wisely — Tax refunds, bonuses go straight to debt
- Automate extra payments — Set it and forget it
When to Consider Debt Consolidation
If you have multiple high-interest debts, consolidating them into a single lower-rate loan can simplify payments and reduce interest. But be careful:
- Only consolidate if the new rate is lower than your current rates
- Don't rack up new debt on paid-off cards
- Watch for balance transfer fees (usually 3-5%)
Disclaimer: This calculator is for educational purposes only. Actual payoff timelines may vary based on rate changes, fees, and other factors. Not financial advice.