Calculate how to pay off any debt faster with strategic extra payments. See exactly how much time and interest you can save with our free debt payoff calculator.
Start CalculatingWorks with credit cards, personal loans, auto loans, student loans, mortgages, and any other fixed-rate debt.
Whether you're dealing with credit card debt, student loans, auto loans, or any other type of debt, our debt payoff calculator helps you create a strategic plan to pay off debt faster and save thousands in interest payments.
Our calculator uses proven financial formulas to show you exactly how different payment strategies affect your debt elimination timeline:
High-interest credit card debt is often the most expensive type of debt. With interest rates typically ranging from 15-25% APR, even small extra payments can save thousands in interest and years of payments.
Personal loans usually have fixed rates and terms, making them predictable to pay off. Extra payments go directly to principal, reducing the total interest paid.
Car loans typically have lower interest rates than credit cards, but paying them off early frees up monthly cash flow and eliminates the risk of being underwater on your loan.
Student loan debt can follow you for decades. Strategic extra payments can significantly reduce the total cost and help you achieve financial freedom sooner.
While mortgage rates are often lower, the loan amounts are large. Extra principal payments can save tens of thousands in interest over the life of the loan.
Focus extra payments on the debt with the highest interest rate first while making minimum payments on all other debts. This method saves the most money in interest charges.
Pay off the smallest debt balance first while making minimum payments on larger debts. This creates psychological momentum and motivation as you eliminate debts completely.
A hybrid approach that considers both balance size and interest rates, prioritizing debts that provide the best combination of psychological wins and interest savings.
Instead of making monthly payments, split your payment in half and pay every two weeks. This results in 26 payments per year (equivalent to 13 monthly payments) and can cut years off your payoff time.
Round up your monthly payment to the nearest $50 or $100. This small change can have a significant impact over time.
Apply any unexpected money (tax refunds, bonuses, gifts) directly to your debt principal. This can dramatically accelerate your payoff timeline.
When you make extra payments toward debt, several powerful forces work in your favor:
Minimum payments are designed to maximize the lender's profit, not help you pay off debt quickly. Even $25 extra per month can make a huge difference.
High-interest debt should be your priority. Paying off a 20% credit card debt provides a guaranteed 20% "return" on your money.
Random extra payments are better than none, but having a strategic plan (avalanche or snowball) is much more effective.
Maintain at least a small emergency fund while paying off debt to avoid creating new debt for unexpected expenses.
This is a common dilemma. Generally, pay off high-interest debt (above 6-8%) before investing, since guaranteed debt payoff often beats uncertain investment returns. However, don't skip employer 401(k) matches, which provide immediate 100% returns.
Once you eliminate your debt, redirect those payments toward:
Start your debt-free journey today. Use our calculator above to see exactly how extra payments can transform your financial future. Even small additional payments can save thousands and give you years of your life back.