Debt Payoff Calculator
See exactly when you will be debt-free, how much total interest you will pay, and how extra payments can dramatically shorten your payoff timeline.
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The debt payoff calculator is included in TrackWorth. Sign up free to calculate your payoff timeline and track liabilities against your net worth.
Get access freeThe real cost of minimum payments
Credit card minimum payments are designed to maximize the interest you pay. If you owe $10,000 at 20% APR and pay only the minimum:
| Monthly Payment | Payoff Time | Total Interest |
|---|---|---|
| Minimum only (~$200) | 7+ years | $6,800+ |
| $300 fixed | 4.5 years | $6,100 |
| $500 fixed | 2.2 years | $2,800 |
| $800 fixed | 1.3 years | $1,600 |
Debt avalanche vs debt snowball
Debt Avalanche (mathematically optimal)
Pay off highest interest rate debt first. Minimizes total interest paid.
Debt Snowball (psychologically powerful)
Pay off smallest balance first. Quick wins build momentum. Costs slightly more in interest.
Debt Consolidation
Roll multiple high-rate debts into a single lower-rate loan to reduce monthly interest.
Frequently asked questions
How long will it take to pay off my debt?
It depends on your outstanding balance, interest rate, and monthly payment. Use the debt payoff calculator in TrackWorth to see exactly how many months until payoff and total interest paid — and how much sooner you can finish with extra payments.
What is the debt avalanche method?
The debt avalanche method pays off debts in order of highest interest rate first, while making minimum payments on all others. This minimizes total interest paid. After the highest-rate debt is paid off, you roll that payment to the next highest rate (the "avalanche" effect).
What is the debt snowball method?
The debt snowball method pays off debts in order of smallest balance first, regardless of interest rate. You get quick wins as small debts are eliminated, which many people find motivating. It costs slightly more in interest than the avalanche method but has higher psychological effectiveness for some people.
How much does an extra payment really help?
Extra payments have a compounding effect — reducing principal faster means less interest accrues each month, which means a larger portion of future payments goes to principal. On a $20,000 credit card balance at 20% APR, adding just $100/month extra can cut payoff time by years and save thousands in interest.
Track your debt payoff progress
Add your loans and credit cards as liabilities in TrackWorth. Watch your debt-to-asset ratio improve month over month as you pay down balances.
Start tracking free — no credit card required