Debt Payoff Calculator
Calculate how long it takes to pay off debt with minimum vs extra payments. See exactly how much interest you save.
Enter Your Values
Using shared profile · 3,500/mo · EUR — edit on Dashboard
Results update automatically as you change values.
What-If Scenarios
Results update instantlyCost Breakdown
Debt Balance Over Time
Click chart to expand
Total Interest Comparison
Click chart to expand
Side-by-Side Comparison
Bars show relative size · ✓ marks the better option- Monthly Payment
- €300
- Payoff Time
- 8 years
- Total Interest
- €12,934
- Total Repaid
- €27,934
- Flexibility
- Higher
- Monthly Payment
- €500
- Payoff Time
- 3 years
- Total Interest
- €5,077
- Total Repaid
- €20,077
- Flexibility
- Lower (committed extra)
| Factor | Minimum Payments | Recommended With Extra Payments |
|---|---|---|
| Monthly Payment | €300 | €500 |
| Payoff Time | 8 years | 3 years |
| Total Interest | €12,934 | €5,077 |
| Total Repaid | €27,934 | €20,077 |
| Flexibility | Higher | Lower (committed extra) |
Paying only the minimum (€300/month) clears your €15000 debt in 7.8 years with €12934 in interest. Adding €200/month extra pays it off in 3.4 years — 4.4 years sooner — and saves €7856 in interest.
Scenario Analysis
How the outcome shifts if your assumptions turn out better or worse than expected.
Double the extra payment
At stated values
No extra payments
Compare Scenarios
Pin up to 3 and see them side by sideSet your inputs, then Pin current to save this scenario. Pin a few variations to compare their scores and outcomes here.
What Moves the Needle Most
How much each factor changes your Payoff (minimum only) across its full range. Interest Rate has the biggest impact.
Focus your attention on Interest Rate — getting it right matters most. Factors lower down move the result less, so rough estimates there are fine.
Confidence & Assumptions
These are the estimates the result depends on. Adjust them (and the Advanced inputs) to match your real situation — the closer they are to reality, the more reliable your decision.
These estimates are for informational purposes only and do not constitute financial advice. Actual results may vary based on factors not captured in this calculator.
How This Calculator Works
What this calculator does
This calculator shows how long it takes to pay off a debt with minimum payments versus adding extra each month, and how much interest you save.
How the calculation works
We simulate month-by-month amortisation: each payment covers interest first, then reduces principal. Extra payments go entirely to principal, dramatically reducing total interest.
Formula
Monthly Interest = Balance × (Annual Rate / 12) Principal Paid = Payment − Interest New Balance = Old Balance − Principal Paid
Sources & defaults
- Month-by-month amortisation schedule
Interest first, then principal; extras cut principal only
Example
€15,000 at 18% with €300/month minimum: 7.5 years, €12,100 interest. Adding €200/month extra: 3.2 years, €4,800 interest — saves €7,300 and 4.3 years.
How to Use This Calculator
- 1Enter your numbers
Fill in the inputs for Debt Payoff Calculator. Defaults are realistic starting points — replace them with your actual figures.
- 2Understand the calculation
We simulate month-by-month amortisation: each payment covers interest first, then reduces principal. Extra payments go entirely to principal, dramatically reducing total interest.
- 3Review results and scenarios
Check metrics, cost breakdown, comparison tables, and best / expected / worst scenarios. Use sliders to stress-test assumptions.
- 4Decide with the verdict
Read the decision engine recommendation and FAQ. Example: €15,000 at 18% with €300/month minimum: 7.5 years, €12,100 interest. Adding €200/month extra: 3.2 years, €4,800 interest — saves €7,300 and 4.3 years.
Factors to Consider
- Paying off high-interest debt is a guaranteed return equal to the interest rate
- Always pay at least enough to cover monthly interest
- The debt avalanche (highest rate first) saves the most money
- Keep an emergency fund before aggressive debt payoff
- Balance transfer cards can offer 0% periods for consolidation
Common Mistakes
- Paying only the minimum on credit cards
- Not knowing your actual interest rate
- Using savings to pay debt while carrying no emergency fund
- Ignoring debts with small balances that drain mental energy
- Taking on new debt while paying off old debt
Frequently Asked Questions
Should I pay off debt or invest?+
If your debt interest rate exceeds your expected investment return after tax, pay off debt first. Credit card debt at 18%+ should almost always be prioritised.
What is the debt avalanche method?+
Pay minimums on all debts, then put extra toward the highest-interest debt. This saves the most money mathematically.
How much extra should I pay?+
Any extra helps. Even €50/month extra on a €15,000 credit card can save thousands in interest and years of payments.
This calculator provides estimates for informational purposes only and does not constitute financial, investment, tax, or legal advice. Always consult a qualified professional before making important financial decisions.
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