Debt Payoff Calculator
See how extra payments eliminate debt faster and save you money
Payoff Time
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Frequently Asked Questions
What is the debt avalanche method?
Pay minimum payments on all debts, then put every extra dollar toward the highest-interest debt first. Once paid off, roll that payment into the next highest. This minimizes total interest paid.
What is the debt snowball method?
Pay minimum payments on all debts, then put extra money toward the smallest balance first. Once paid, roll that payment into the next smallest. Provides psychological wins that improve follow-through.
How much extra should I pay toward debt?
Even $50–$100 extra per month makes a significant difference. On a $10,000 loan at 8%, adding $100/month extra cuts payoff time from 10 years to 7 years and saves ~$2,000 in interest.
Should I use savings to pay off debt?
If debt interest > savings return, yes. Using a 5% savings account to pay off 20% credit card debt is a guaranteed 15% return. Keep a $1,000 emergency fund minimum before aggressively paying debt.
What is debt consolidation?
Combining multiple debts into a single loan, ideally at a lower interest rate. Options include personal loans, balance transfer cards (0% promo), home equity loans (HELOC), and debt management plans. Compare total cost, not just monthly payment.