See exactly how long it will take to pay off your debt, how much interest you'll pay, and how much you can save by making extra payments each month.
Enter your current debt balance, interest rate (APR), and your planned monthly payment. The calculator shows how long it takes to pay off the debt and how much interest you'll pay in total. Add an extra monthly payment to see how much time and money you can save.
Even an extra $50–100/month on high-interest debt can save thousands in interest and cut years off your repayment timeline. The debt avalanche strategy (paying highest interest debt first) and debt snowball (smallest balance first) are both effective approaches.
The fastest method is the debt avalanche: pay minimums on all debts, then direct all extra money to the highest-interest debt first. This minimizes total interest paid. The debt snowball (smallest balance first) is slower mathematically but provides motivational wins that help many people stay on track.
On a $8,000 credit card balance at 20% APR with $200 minimum payments, you'd spend over 7 years and nearly $10,000 in interest to pay it off. Adding just $100/month extra cuts that to under 3 years and saves over $6,000 in interest. Small extra payments compound dramatically on high-interest debt.
The math favors paying off any debt with an interest rate higher than your expected investment return. If your credit card is at 20% APR and stock market returns average 7–10%, paying off the card is a guaranteed 20% return. For debt under 5–6%, investing often makes more sense if you have an emergency fund in place.