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Debt Payoff Calculator
Calculate how long it will take to pay off your debt and save on interest
Your Debt Information
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%
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Minimum payment: $375.00
💡 Debt Payoff Tips
- • Snowball Method: Pay off smallest debts first for motivation
- • Avalanche Method: Pay off highest interest debts first to save money
- • Make extra payments whenever possible to reduce interest
- • Consider balance transfers to lower interest rates
- • Avoid taking on new debt while paying off existing debt
Standard Payoff Plan
Time to Debt-Free
41 months
(3.3 years)
Total Interest Paid
$5,077
Total Amount Paid
$20,077
Debt-Free Date
July 2029
Aggressive Payoff (2x Payment)
Monthly Payment
$1,000
Time to Debt-Free
18 months
âš¡ 24 months faster
Total Interest Paid
$2,120
💰 Save $2,957
📊 First Payment Breakdown
Principal$275.00
Interest$225.00
As you pay down the principal, more of each payment goes toward the debt.
Debt Payoff Strategies
This calculator shows how long it will take to pay off your debt and how much interest you'll pay.
Popular Methods:
- • Snowball Method: Pay off smallest debts first. Provides psychological wins and motivation.
- • Avalanche Method: Pay off highest interest debts first. Saves the most money on interest.
- • Debt Consolidation: Combine multiple debts into one lower-interest loan.
Formula:
- • Months to Payoff = log(P / (P - D × r)) / log(1 + r)
- • Where P = monthly payment, D = total debt, r = monthly interest rate
- • Total Interest = (Monthly Payment × Months) - Total Debt
The faster you pay off debt, the less interest you'll pay. Even small increases in your monthly payment can save thousands of dollars and years of payments.