Debt payoff calculator: when will I be debt-free?
See how long it will take to pay off a credit card or loan, and how much time and interest an extra payment each month can save you.
Results are estimates to help you plan, not financial advice.
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Questions
Which debt should I pay off first?
Two popular methods: the avalanche (pay extra on the highest interest rate first, which saves the most money) and the snowball (pay the smallest balance first, for quick wins). Keep paying the minimum on everything else.
Why does a small extra payment help so much?
Every extra dollar goes straight to the amount you owe, so next month there is less to charge interest on. Over months and years that adds up.
What if my payment does not cover the interest?
Then the balance grows. Contact your lender about a payment plan, and look at your budget for money to redirect.