Debt Payoff Calculator

Calculate how long it will take to pay off your debt and how much you'll pay in interest.

Files processed in your browser — never uploaded to our servers

Loan Amount

Annual Interest Rate (%)

Term (Months)

Monthly Payment

$380.90

Total Interest

$7,854.08

Total Cost

$22,854.08

Principal (66%)Interest (34%)

$15,000.00$7,854.08

Amortization Over Time

Amortization Schedule

Month	Payment	Principal	Interest	Balance
1	$380.90	$155.90	$225.00	$14,844.10
2	$380.90	$158.24	$222.66	$14,685.86
3	$380.90	$160.61	$220.29	$14,525.25
4	$380.90	$163.02	$217.88	$14,362.22
5	$380.90	$165.47	$215.43	$14,196.75
6	$380.90	$167.95	$212.95	$14,028.80
7	$380.90	$170.47	$210.43	$13,858.33
8	$380.90	$173.03	$207.88	$13,685.31
9	$380.90	$175.62	$205.28	$13,509.69
10	$380.90	$178.26	$202.65	$13,331.43
11	$380.90	$180.93	$199.97	$13,150.50
12	$380.90	$183.64	$197.26	$12,966.86

1 / 5

Compare Current Rates

Rates shown are for illustration. Compare real offers from lenders to find your best rate.

Compare personal loan rates at LendingTree →

What is Debt Payoff Calculator?

A debt payoff calculator shows how long it will take to eliminate your debts and how much total interest you will pay under different repayment strategies. The two most common methods are: the avalanche method, which targets the highest-interest debt first (mathematically optimal — minimizes total interest paid), and the snowball method, which targets the smallest balance first (psychologically motivating — quick wins build momentum). The true cost of making only minimum payments is often the most important output this calculator reveals. On a $5,000 credit card balance at 22% APR, minimum-only payments can take over 15 years and cost more in interest than the original balance itself.

How to use

List each debt with its current balance, annual interest rate, and current minimum monthly payment.
Enter any extra monthly amount you can add toward debt repayment beyond the minimums.
Choose a strategy: avalanche (highest interest rate first) or snowball (lowest balance first).
Review the payoff date and total interest under each strategy to see which saves more money.
Adjust the extra payment amount to see how even small increases change your payoff timeline and total interest.

Why it matters

The difference between minimum-only payments and adding even $100 extra per month can mean years of debt and thousands of dollars in interest. Many people underestimate how long minimum payments take because the math is buried in small print on statements. Seeing a concrete payoff date and a dollar figure for total interest makes the real cost visible in a way that abstract APR percentages do not. That visibility is often what motivates real action — and the numbers are almost always more urgent than people expect.

Pro tip

Once you pay off one debt, immediately redirect its full minimum payment to the next target — the 'debt rollover.' It keeps your total monthly outflow identical while dramatically accelerating payoff, because each eliminated debt adds momentum to the next one. The avalanche method saves the most money; the snowball method often eliminates debts faster, which can be worth the slightly higher interest cost for its motivational effect.

Frequently Asked Questions

Pay minimum on all debts, then put extra money toward the highest-interest debt first. This minimizes total interest paid.

Pay minimum on all debts, then put extra money toward the smallest balance first. This provides psychological wins to stay motivated.

Even $50–$100 extra per month can cut years off your debt payoff timeline. Use this calculator to see exactly how much you'd save.

If your debt interest rate is higher than expected investment returns (typically 7–10%), pay off debt first. For low-rate debt under 4%, investing may make more sense.