Debt Payoff Calculator
Understand how long it will take to pay off your debt and how paying more can speed up your journey to debt freedom.
Debt Information
Credit cards are typically 15-25%
Optional - see how paying more helps
Current Payment Plan
Time to Pay Off3 years, 11 months
Total Interest$3,967
Total Amount Paid$13,967
Balance Over Time
Payoff Schedule
The Math of Debt
Each month, interest is added to your balance based on the annual rate. Your payment then covers this interest first, with any remainder reducing the principal. The key insight: higher payments mean more going to principal and less total interest paid.
For example, on a $10,000 balance at 18% APR, monthly interest is $150. A $200 payment puts only $50 toward principal. A $300 payment puts $150 toward principal - triple the debt reduction for just 50% more money.