Debt Payoff Calculator
See how extra payments can dramatically reduce your debt payoff time and total interest paid.
Debt Details
Results
Standard Payoff
47 months
$3,967.21 interest
With Extra Payments
32 months
$2,627.93 interest
Interest Saved
$1,339.28
Time Saved
15 months
Comparison
| Method | Months | Total Interest | Total Paid |
|---|---|---|---|
| Standard Payment | 47 | $3,967.21 | $13,967.21 |
| With Extra ($100/mo) | 32 | $2,627.93 | $12,627.93 |
Debt Payoff FAQs
What is the debt snowball method?
The debt snowball method involves paying off debts from smallest to largest balance, regardless of interest rate. Each payoff provides motivation as you build momentum.
How does making extra payments help?
Any payment above the minimum goes directly to principal, reducing the balance faster. This reduces the total interest you pay and shortens the time to become debt-free.
Which is better: snowball or avalanche?
The avalanche method (highest interest first) saves the most money mathematically. The snowball method (lowest balance first) provides psychological wins faster. Choose based on what keeps you motivated.