Step 2 of 5 — Build a payoff plan
Calculate exactly how long it will take to pay off your debt and how much interest you'll pay.
Optional extra principal
Without extra: 5y 5m
21 months sooner
| Starting Balance | $15,000 |
| Monthly Payment | $400 |
| Extra Payment | $100 |
| Total Monthly | $500 |
| Total Interest (with extra) | $6,977 |
| Total Interest (base) | $10,610 |
| Interest Saved | $3,633 |
| Months Saved | 21 |
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See exactly how much interest that credit card debt is costing you.
Open Credit Card Interest with your numbersMonthly Interest = Balance × (APR / 12)
Principal Paid = Monthly Payment − Monthly Interest
Repeat each month until balance reaches zero. Adding extra principal payment each month directly reduces the balance and future interest charges.
Avalanche method: pay minimums on all, put extra toward highest-rate debt. Saves the most interest. Snowball method: lowest balance first, builds momentum.
Even $50-$100/month extra makes a huge difference. On a $10K card at 20%, an extra $100/month saves $4,000+ in interest and 3 years.
Mathematically, avalanche saves more. Psychologically, snowball wins (small victories keep you motivated). Choose based on your personality.
Build a $1,000 starter emergency fund first. Then aggressively pay off high-interest debt. Then build full 3-6 month emergency fund.
At minimum payments on 22% APR: 30+ years. At $500/month: ~8 years, $25K+ in interest. At $1,000/month: ~4 years, $11K in interest. Pay more, pay faster.
Calculations are for educational purposes only. Consult a qualified financial advisor for personalized advice.