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Debt Payoff Calculator: When Will You Be Debt Free?
Put a date on the day it's over.
Debt is much easier to attack when it stops being a vague weight and becomes a date on the calendar. Enter what you owe, the annual interest rate and what you pay each month, and you'll see the month you're free, the total interest the debt will cost you, and what you'll have paid in the end.
Then do the useful part: raise the monthly payment by a small amount and watch what happens. On high-interest balances, a modest increase often cuts both the timeline and the total interest far more than people expect — because every extra unit goes straight at the principal.
Good to know
Why does my balance barely move each month?
Because the payment is being consumed by interest before it reaches the principal. If your payment is close to the monthly interest charge, almost nothing comes off the balance — which is exactly what this calculator shows when it says the debt never clears.
Should I pay off the highest rate or the smallest balance first?
Highest rate first costs the least money. Smallest balance first gives visible wins sooner and keeps more people going. The method you actually stick with beats the one that's optimal on a spreadsheet you abandon.
Does paying twice a month help?
Slightly, on products where interest accrues daily, because the average balance is lower across the month. The effect is real but small — the size of the payment matters far more than its timing.
Is a balance transfer or consolidation worth it?
It can be, if the new rate is genuinely lower after fees and you don't treat the freed-up limit as new spending money. Consolidation moves debt; it only reduces it if the interest actually drops and the payment continues.