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Debt Payoff Calculator
See your exact payoff date, total interest cost, and how much extra payments save you — with a live chart.
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Avalanche saves the most interest; snowball provides faster psychological wins.
Tax refund, bonus, or windfall applied immediately to the principal.
If your income grows, increasing payments each year dramatically cuts total interest.
Extra payment impact
Payoff timeline
Total interest
Total paid
Interest saved vs min-only
Balance over time
Solid line = with your extra payments. Dashed = minimum payments only.
Your payment breakdown
Avalanche vs. Snowball: which strategy is right for you?
Both methods work. The difference is whether you prioritize math (avalanche) or motivation (snowball). Here's how they compare:
| Factor | Debt Avalanche | Debt Snowball |
|---|---|---|
| Order of payoff | Highest APR first | Lowest balance first |
| Total interest paid | Least possible | Slightly more |
| First win comes | Later (high APR debts are often large) | Faster (small balances cleared quickly) |
| Best for | People motivated by numbers and savings | People who need motivation from visible progress |
| Example | Pay 29.99% credit card before 5% car loan | Pay off $800 card before $8,000 card at similar rate |
Research consistently shows the best strategy is the one you'll actually stick with. If snowball keeps you motivated, the slightly higher interest cost is worth it.
How extra payments dramatically cut interest
On a $5,000 balance at 19.9% APR with a $100 minimum payment, here's what different extra payment amounts do:
| Monthly payment | Payoff time | Total interest | Interest saved |
|---|---|---|---|
| $100 (minimum only) | 94 months (7.8 yrs) | $4,338 | — |
| $150 (+$50/mo) | 47 months (3.9 yrs) | $1,953 | $2,385 |
| $200 (+$100/mo) | 32 months (2.7 yrs) | $1,256 | $3,082 |
| $300 (+$200/mo) | 20 months (1.7 yrs) | $756 | $3,582 |
| $500 (+$400/mo) | 11 months | $386 | $3,952 |
Finding money for extra payments
Balance transfer card
Move high-interest debt to a 0% intro APR card and redirect the interest savings to principal.
Calculate savings →Debt consolidation loan
A personal loan at a lower rate can cut your APR significantly — especially on credit card debt.
Learn more →Budget review
A quick budget audit often reveals $100–$300/month in spending that can be redirected to debt.
Budget planner →Negotiating a lower rate
Calling your issuer and asking for a rate reduction works more often than you'd expect — especially with good payment history.
FDCPA rights →Understanding how credit card interest works
Credit card interest compounds daily, not monthly. Your APR is divided by 365 to get a daily periodic rate, and it's applied to your average daily balance. This means even a payment a few days early reduces interest.
The front-loading problem
In the early months of repayment, the majority of your payment goes to interest, not principal. On a $5,000 balance at 19.9%, your first $100 payment covers roughly $83 in interest and only $17 in principal. Extra payments hit principal immediately — that's why the first $50–$100 extra has an outsized impact.
Related tools and guides
Educational content only. This page is for informational purposes and does not constitute legal, tax, or personal financial advice. Results vary. Laws and bureau processes change. Consult the CFPB, FTC, and AnnualCreditReport.com for authoritative guidance. Full disclaimer
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