Debt Payoff Calculator

How it Works

This calculator builds a month-by-month plan showing exactly when each debt will be paid off and how much interest you'll pay along the way. You add your debts, pick a payoff strategy, and we handle the math. No account needed, no data stored, everything runs right here in your browser.

1. Add your loans. For each debt, enter the type (credit card, auto loan, etc.), the lender or nickname, your current balance, the APR (annual percentage rate, which is the yearly interest rate your lender charges), and your minimum monthly payment. Not sure where to find these? Check your most recent statement or log into your lender's website. They're required to show you all of this.
2. Choose a strategy and set your extra payment. Pick either Snowball or Avalanche (more on those below). Then enter any extra money you can throw at debt each month beyond your minimums. Even an extra $50 can make a huge difference over time.
3. Click "Run Payoff Plan." The calculator figures out monthly interest for every loan, pays the minimums on all of them, and directs all extra money at one target loan based on your strategy. When that loan hits zero, its minimum payment rolls into your budget automatically, so your payments snowball (or avalanche) bigger and bigger each time a debt is eliminated.

What is the Debt Snowball method?

Debt Snowball focuses on paying off your smallest balances first while making minimum payments on everything else. Each time you wipe out a debt, the money you were paying on it gets added to your next target. That freed-up cash "snowballs" into bigger and bigger payments as you go.

Example: Say you have three debts: a $500 medical bill, a $2,000 credit card, and an $8,000 car loan. Snowball attacks the $500 medical bill first. Once that's gone (which might only take a couple months), you roll that payment into the $2,000 credit card. You get a quick win early, and that momentum keeps you going. It works because paying off that first debt feels amazing, and it proves the plan is actually working.

What is the Debt Avalanche method?

Debt Avalanche attacks the debt with the highest interest rate (APR) first, regardless of balance size. This is the mathematically optimal approach because high-interest debt costs you the most money every single month it sticks around.

Example: Same three debts, but now look at the interest rates: the credit card charges 24.99% APR, the car loan is 6.5%, and the medical bill is 0% interest. Avalanche goes after the credit card first because that 24.99% rate is costing you the most money every month. You might not get the quick win of knocking out the small medical bill first, but you'll pay less in total interest by the time you're debt-free.

Which is better: Snowball or Avalanche?

Honestly, neither one is universally "better." If staying motivated is the hard part for you, Snowball usually keeps people engaged because those early wins feel great. If you're already disciplined and just want to pay the least interest possible, Avalanche is your move. The good news? This calculator runs both strategies at the same time and shows you the comparison side-by-side, so you can see the exact difference in months and dollars for your specific situation.

Tips to Pay Off Faster

• Add even $25-$50 extra per month. The roll-over effect compounds quickly.
• When a loan is paid off, keep paying the same total amount. Don't let your budget shrink.
• Got a tax refund, bonus, or sold something? Use the one-time payment feature to throw lump sums at your debt.
• Revisit your plan if rates change or you find room to add more extra payment.

Disclaimer: This calculator is for informational purposes only. Not financial advice. Please verify calculations before making financial decisions.