Debt Payoff Timeline Calculator
Enter your debts, how much extra you can put toward them each month, and which one to hit first. See exactly when you'll be debt-free, a chart of your balance over time, and how much interest you'll pay along the way.
List each debt you want to pay off. Up to five.
Anything you pay on top of the minimums.
Which debt gets the extra cash each month?
Debt-free by January 2028 — 1 year and 9 months from now.
You'll pay $3,065 in interest along the way.
Vs. paying minimums only
$7,545 less
in interest compared to sticking with the minimums.
Vs. the other strategy
Both strategies come out about the same with these inputs.
Total debt over time
When each debt clears
| Debt | Paid off by | Starting balance |
|---|---|---|
| Credit card | January 2028 | $15,000 |
Calculations assume fixed interest rates and no prepayment penalties. Variable-rate loans and federal student loans on income-driven repayment plans behave differently. For federal student loans, use the official Loan Simulator at studentaid.gov. Not financial advice.
Now keep the date moving in the right direction.
Planned tracks your payoff in real time. We'll remind you when payments are due and update your debt-free date automatically as your balances change.
Frequently asked questions
Common questions about paying off debt, answered plainly.
Highest rate first or smallest balance first — which should I pick?
Paying the highest rate first (sometimes called the avalanche) saves the most money because you kill the most expensive debt first. Smallest balance first (the snowball) saves a little less but feels great because you cross debts off the list quickly. Use the toggle above to compare them with your own numbers and pick the one you'll actually stick with.
Why is my minimum payment not clearing my balance?
If your minimum payment is less than the monthly interest charge, the balance grows every month. This happens on high-rate credit cards when the minimum is set too low. Either bump up the payment, call the lender to ask about a hardship plan, or look into a lower-rate consolidation loan.
What counts as a minimum payment?
The number printed on your statement that keeps the account in good standing. For credit cards it's usually 1 to 3% of the balance or a floor of roughly $25 to $35, whichever is higher. The exact floor varies by issuer. For loans, it's the scheduled monthly payment.
What if I get a raise partway through?
The calculator uses fixed numbers, so come back and re-run it whenever your situation changes. Bumping the extra-payment slider up by $200 and watching the debt-free date move up is the fastest way to see what a raise is actually worth in terms of freedom.
Does this handle student loan forgiveness or income-driven plans?
No. Federal student loans on income-driven repayment plans use different math and often forgive balances after 10 to 25 years. For those, use the official Loan Simulator at studentaid.gov, which accounts for forgiveness and income changes.
Why a 50-year cap?
If the math doesn't clear the debt in 50 years, the inputs aren't realistic — the minimum payment is probably below the monthly interest, or the balance is enormous relative to what's being paid. Rather than show a misleading 200-year timeline, the calculator flags it so you can fix the inputs.