Debt Payoff Timeline with Extra Payments Calculator
Calculate your debt payoff timeline with extra payments and see exactly how additional payments accelerate your journey to debt freedom while saving thousands in interest costs.
Quick Answer
Accelerated Payoff = Current Timeline ÷ (1 + Extra Payment Ratio). $300 extra on $15,000 debt can cut payoff time by 60% and save $3,000+ in interest. Essential for debt freedom planning and financial independence.
Calculator Preview
Original Timeline: 3.8 years
New Timeline: 2.1 years
Interest Saved: $4,200
Key Features
Timeline Projection
See exact payoff dates with and without extra payments
Interest Savings
Calculate exact interest savings from accelerated payoff
Multiple Debts
Track payoff timeline for multiple debts simultaneously
Debt Strategies
Compare avalanche vs snowball debt payoff methods
How It Works
List Your Debts
Enter all your debts with amounts, interest rates, and minimum payments
Set Extra Payment Amount
Determine how much extra you can pay toward debt each month
Choose Payoff Strategy
Select avalanche (highest interest) or snowball (smallest balance) method
See Your Timeline
View your accelerated payoff timeline and total savings
Why Accelerate Debt Payoff?
Save Money
Pay less interest over time
Debt Freedom
Achieve financial independence sooner
Better Credit
Improve credit score faster
Popular Debt Payoff Strategies
Avalanche Method (Highest Interest First)
Pay minimums on all debts, put extra money toward highest-interest debt. Saves the most money in interest.
Snowball Method (Smallest Balance First)
Pay minimums on all debts, put extra money toward smallest balance. Builds momentum and motivation.
Hybrid Method
Combine both approaches - tackle high-interest debts while celebrating small wins along the way.
Finding Extra Money for Debt Payment
Increase Income
Side hustles, overtime, selling unused items, or asking for a raise
Reduce Expenses
Cut subscriptions, meal prep, negotiate bills, or pause entertainment
Windfalls
Tax refunds, bonuses, gifts, or inheritance money
Automate Savings
Set up automatic transfers to debt payment accounts
Accelerate Your Debt Freedom
Calculate your debt payoff timeline and see how extra payments can save you thousands
Use Full CalculatorFrequently Asked Questions
How much extra should I pay toward debt?
Start with 10-20% of your minimum payment or whatever you can comfortably afford. Even small extra payments make a significant difference over time.
Should I pay off debt or invest first?
Generally, pay off high-interest debt (above 7-8%) first, then invest. Low-interest debt might be better to pay minimums while investing.
What if I have multiple types of debt?
Focus on one debt at a time using your chosen strategy, while making minimum payments on others. The calculator helps prioritize which debt to tackle first.
How do I stay motivated during debt payoff?
Track your progress, celebrate small wins, visualize your debt-free future, and remember why you started. The snowball method can help maintain motivation.