Debt Payoff Calculator
List your debts, add whatever extra you can put toward them each month, and see exactly when you'll be debt-free — and what each payoff strategy costs you in interest.
Your debts
The three starter debts below are examples — change the numbers or delete them and add your own.
Your payoff plan
Every month you pay the minimum on all debts. Anything extra goes to one target debt until it's gone, then rolls to the next.
Your results
Add at least one debt with a balance above $0 to see your payoff plan.
Payoff order
The order your debts disappear under the selected strategy.
Month-by-month breakdown
Interest charged and total balance remaining after each month's payments. Highlighted rows are months a debt is paid off.
| Month | Payment | Interest | Balance left |
|---|
Frequently asked questions
What is the difference between debt snowball and debt avalanche?
Both methods pay the minimum on every debt and throw all extra money at one target debt. They differ only in how the target is picked. The debt snowball targets the smallest balance first, so debts disappear quickly and you get early wins that keep you motivated. The debt avalanche targets the highest APR first, which removes the most expensive debt earliest.
Mathematically, the avalanche never costs more interest than the snowball on the same debts — but the difference is often smaller than people expect, and the best method is the one you'll actually stick with for months or years.
How do extra monthly payments help?
A minimum payment is designed to mostly cover interest, so paying only minimums keeps a balance alive for years. An extra payment goes almost entirely to principal. A smaller principal means less interest charged next month, which means even more of the following payment hits principal — the balance falls faster and faster.
When a debt is paid off, its old minimum payment rolls into your extra amount, so each debt you clear makes the next one fall faster. Even $50–$100 extra a month can cut years off a payoff timeline and save thousands in interest — move the extra payment slider above and watch the debt-free date change.
Which strategy should I choose?
Choose the avalanche if the numbers motivate you and your smallest and largest debts have very different interest rates — it minimizes total interest. Choose the snowball if you've struggled to stick to a plan before, or if clearing a small debt soon would free up cash flow and momentum. This calculator runs both strategies on your real numbers, so you can see exactly how much the choice costs or saves before deciding.
How is the payoff date calculated?
Each month, interest is charged on every balance at one-twelfth of its APR. Minimum payments are applied to all debts, then your extra payment (plus the minimums of any debts already paid off) is applied to the target debt for your chosen strategy. The simulation repeats month by month until every balance reaches zero. It assumes fixed APRs, no new charges, and payments made on time — so treat the result as a solid estimate, not a guarantee.