Finance Tools
Debt Calculator
Calculate debt payoff timeline, total interest, and monthly payments. Get debt-free faster with snowball and avalanche strategies.
Use Debt Calculator to get instant results without uploads or sign-ups. Everything runs securely in your browser for fast, reliable output.
Your results will appear here.
About this tool
Calculate your debt payoff timeline and total interest costs with our comprehensive debt calculator. Compare different payment strategies and see how extra payments accelerate your debt-free journey.
Used by thousands to plan debt elimination strategies and save on interest costs. Features debt snowball and avalanche method comparisons.
Usage examples
Credit Card Debt
$5,000 at 18% APR, $200/month = 31 months
Debt: $5,000, APR: 18%, Payment: $200
Student Loan
$25,000 at 6% APR, $500/month = 58 months
Debt: $25,000, APR: 6%, Payment: $500
Personal Loan
$10,000 at 12% APR, $300/month = 39 months
Debt: $10,000, APR: 12%, Payment: $300
How to use
- Enter total debt amount
- Enter interest rate (APR)
- Enter monthly payment amount
- View payoff timeline, interest costs, and debt-free strategies
Benefits
- Accurate payoff timeline
- Total interest calculation
- Compare payment strategies
- See impact of extra payments
- Debt-free date projection
- Free to use
FAQs
How is debt payoff calculated?
We use amortization formulas to calculate monthly interest charges and principal reduction. Each payment reduces your balance, which lowers future interest charges.
What is the debt snowball method?
Pay off smallest debts first for psychological wins, then roll those payments into larger debts. Great for motivation but may cost more in interest than avalanche method.
What is the debt avalanche method?
Pay off highest interest rate debts first to minimize total interest paid. Mathematically optimal but requires discipline as payoffs take longer initially.
How much can extra payments help?
Even small extra payments significantly reduce payoff time and interest. For example, paying $50 extra monthly on a $10,000 credit card at 18% APR saves $1,500+ in interest and cuts payoff time by years.
What if my payment is less than the interest?
If your monthly payment is less than the monthly interest charge, your debt will grow instead of shrinking. You must pay at least the interest amount plus some principal.
Related tools
View all toolsAmortization Calculator
Calculate loan amortization schedule with monthly payment breakdown. See how much principal and interest you pay each month, total interest paid, and complete payment schedule for mortgages, car loans, and personal loans.
Finance ToolsAPR Calculator
Calculate Annual Percentage Rate (APR) for loans including interest rate and fees. Compare APR vs interest rate, understand true loan cost, and calculate effective APR with closing costs for mortgages, auto loans, and personal loans.
Finance ToolsBudget Calculator
Calculate and track monthly budget with income, expenses, and savings. Free personal finance calculator for budget planning and money management.
Finance Tools