Debt Payoff Calculator
Enter every balance you owe along with the interest rate and minimum payment, then see how many months it will take to be debt free and how much interest you will pay along the way.
Avalanche pays off the highest interest rate first, which usually saves the most money.
How the Calculator Works
Each month the calculator adds interest to every balance, applies your minimum payments, then sends any extra money toward one debt at a time based on the strategy you pick. Once a debt is cleared, its old minimum payment rolls into the extra amount for the next debt in line, so your payoff speeds up as you go.
How to Use It
Pick a strategy, then set the extra amount you can put toward debt each month. Add each balance you owe with its interest rate and minimum payment, using the button to add more. The result shows how long until you are debt free, the total interest, and the month each debt gets cleared.
Avalanche vs Snowball
| Method | How it works | Best for |
|---|---|---|
| Avalanche | Pays the highest interest rate first | Saving the most on interest |
| Snowball | Pays the smallest balance first | Quick wins and staying motivated |
This is an estimate based on the numbers you enter and a fixed interest rate. Real cards and loans can have changing rates, fees, or promotional terms that shift the real payoff date. Treat this as general planning information, not financial advice.
Frequently Asked Questions
What is the debt avalanche method?
It targets your highest interest rate debt first while paying the minimum on the rest. Because you clear the most expensive debt first, it usually saves the most in interest.
What is the debt snowball method?
It targets your smallest balance first. You clear whole debts quickly, which builds momentum and can keep you motivated, even though it may cost a little more interest than avalanche.
Which is better, snowball or avalanche?
Avalanche saves more money on paper. Snowball gives faster wins that help many people stick with the plan. The best method is the one you will actually follow through on.
How does an extra payment speed up payoff?
Every extra dollar goes straight at your balance instead of interest. As each debt is cleared, its old payment rolls into the next one, so your progress builds and the payoff date moves closer.
Should I pay off debt or save first?
Many guides suggest keeping a small emergency fund while you attack high interest debt, since card interest usually costs more than savings earn. Your own balance of the two depends on your situation.
Does this account for changing rates or fees?
No. It assumes a fixed rate on each balance and no new charges. Real cards can have variable rates, fees, or promo periods, so use this as a planning guide and check your statements.