Debt Payoff Calculator
List your debts, set an extra monthly payment, and see exactly when you will be debt-free, with snowball and avalanche compared side by side.
1Your debts
$37,700 total · $870/mo minimums
2Extra payment
$/mo
Total monthly payment: $1,120
Debt-free inAvalanche
4 yrs, 4 mos
Paying $1,120/mo total, you clear $37,700 of debt and pay $11,351 in interest.
Total interest
$11,351
Total paid
$49,051
Monthly payment
$1,120
Payoff time
4 yrs, 4 mos
Paying only the minimums would take 6 yrs, 10 mos and cost $21,649 in interest. Your plan saves $10,297 and 2 yrs, 6 mos.
Snowball vs Avalanche, side by side
Avalanche
4 yrs, 4 mos
Snowball
4 yrs, 6 mos
Avalanche saves$1,759
Time difference2 mos
Payoff order
1Credit CardJan 2029
2Car LoanFeb 2029
3Personal LoanApr 2030
Total debt over timeEach line is one debt
39k
29k
19k
9.6k
0
now1y2y2y3y4y
Embed on your site Last updated: June 2026
How to use
How to use this calculator
1
List your debts
Add each debt with its balance, interest rate and minimum payment. We start you with three examples; rename them, edit the numbers, or add and remove rows to match your situation.
2
Set your extra payment
Enter how much you can pay above the combined minimums each month. This is the fuel that accelerates payoff; even a small amount makes a real difference.
3
Choose a strategy
Avalanche targets the highest interest rate first to minimise total interest. Snowball targets the smallest balance first for quick, motivating wins. We show both either way.
4
Compare and commit
See your debt-free date, total interest, and a side-by-side of both strategies, then follow the month-by-month schedule to stay on track.
Foundations
Key concepts
Debt avalanche
Pay minimums on everything, then put every spare dollar toward the debt with the highest interest rate. Mathematically optimal: it clears your most expensive debt first and minimises the total interest you pay.
Debt snowball
Pay minimums on everything, then attack the smallest balance first. You clear individual debts quickly, and the early wins build momentum and motivation.
Rolling the payment
When a debt is cleared, its minimum payment is rolled into the amount you throw at the next target. Your total monthly outlay stays the same, but it hits remaining debts harder and harder.
Minimum payment trap
Paying only the minimum on high-interest debt can mean years of payments that barely touch the balance. The extra payment is what breaks the cycle.
Interest rate (APR)
The annual cost of a debt as a percentage of its balance. A 25% card costs you far more per dollar than a 7% car loan, which is exactly why the avalanche method targets rate, not balance.
Total cost of debt
The full amount you repay, principal plus all interest. Comparing total interest between strategies shows the real value of a payoff plan.
Tips
Tips to get debt-free faster
Target the highest rate
If your goal is to pay the least interest, always target the highest rate first. Over several debts the saving versus snowball can be substantial.
Pick the strategy you will follow
If motivation is the hard part, clearing a small debt fast is a powerful win. The best strategy is the one you actually stick to.
Never skip a minimum
Always pay every minimum to avoid penalties and credit damage. The strategy only changes where your extra payment goes.
Throw windfalls at your target
Tax refunds, bonuses and gifts aimed at your current target debt shorten the whole plan, because they remove future interest on your most expensive balance.
Consider consolidation carefully
A lower-rate consolidation loan or balance transfer can cut the interest you pay, but only if you avoid running the balances back up.
FAQ
Snowball or avalanche, which is better?+
It depends on what you optimise for. Avalanche (highest rate first) always pays the least total interest. Snowball (smallest balance first) clears individual debts faster, which many people find more motivating. This calculator shows both so you can weigh the interest saving against the psychological boost.
How does the extra payment work?+
You pay the minimum on every debt, then the extra is added to whichever debt your strategy is currently targeting. When a debt is cleared, its old minimum is rolled into the extra, so the amount attacking the next debt keeps growing while your total monthly payment stays the same.
What if I can only pay the minimums?+
Then high-interest debt can take many years to clear, and you pay far more in interest. Try setting the extra payment to even a small amount and watch the debt-free date and total interest change. That gap is the cost of paying only minimums.
Does the order I enter debts matter?+
No. The calculator sorts them by your chosen strategy automatically, so you can enter them in any order. You can rename each debt to keep track of which is which.
Is my data saved or shared?+
Your debts are kept in your browser so the page remembers them, and the Share button creates a link that encodes them, so anyone you send it to sees the same setup. Nothing is posted anywhere automatically.
Does this include fees or changing rates?+
No. It assumes fixed interest rates and no new fees or borrowing. Real cards can have promotional rates, penalty rates and fees, so treat the result as a clear plan rather than an exact prediction.
Each debt accrues interest monthly at its fixed rate. Minimum payments are made on every debt, then all remaining budget is applied to the strategy's target debt; freed-up minimums roll forward. Fees, promotional rates and new borrowing are not modelled. Results are illustrative, not financial advice.
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