Who wouldn’t want to pay off their debt faster? This Accelerated Debt Payoff Calculator will 1) show what your current payoff schedule looks like, 2) what it would look like after consolidating your accounts, and 3) how to accelerate your timing even further. First, make sure you enter all the information for each of your credit cards or accounts that have open. This includes the balance, interest rate, and either the minimum payment amount or the current amount you’re paying per month if the two numbers are different. If your payments are not consolidated, this will show you how many different payments you’re making each month and for what amounts. If you’ve got more than 2-3 cards or accounts, this can add up fast! Auto loans and other loans or installment debt can also be added to the calculator.

If you have a new consolidated loan, you’ll be able to enter the details of this as well, including loan balance, payment, interest rate, and term. Last, and most important, use the “apply monthly payment savings” section to add the additional amount you’re willing to pay to your debt each month. See the graph at the bottom to compare the various approaches to debt payoff and see if the timing can be accelerated at all. Adding additional funds to payments each month can make a huge difference in your payoff timeline.