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
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.
Debt-to-income ratio (DTI)
Your total monthly debt payments divided by gross monthly income. Someone paying $1,440 across cards and loans on a $4,000 income has a 36% DTI. Lenders read it as capacity: many prefer under 36%, and above roughly 43% new credit gets hard to obtain. It is also a progress meter for a payoff plan, since every debt you clear drops the ratio and frees up income, which is exactly what a future mortgage application wants to see.
Credit utilization
The share of your credit card limits you are actually using, and one of the biggest levers in your credit score. A $6,000 balance on $10,000 of limits is 60% utilization; scores generally favor staying under 30%. Paying balances down helps twice: less interest and a rising score. Keep old cards open after clearing them, since closing an account shrinks your available limit and can push utilization back up.
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.
Ask for a lower APR
Call each card issuer and ask for a rate reduction; long-standing customers who pay on time often get one. Even a few points off your highest-rate card cuts total interest without changing your monthly plan at all.
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.
How long does one credit card take on minimums only?+
Take an $8,400 balance at 18.99% with a fixed $210 minimum: it takes about 5 years and 4 months to clear and costs roughly $5,000 in interest. Add just $100 a month and it is gone in 3 years with about $2,650 of interest, saving around $2,350. That is the minimum payment trap in numbers: at high rates, most of a small payment is interest, not progress.
How much does avalanche actually save versus snowball?+
It depends on how far apart your rates are. With this calculator's sample debts ($8,400 at 18.99%, $12,500 at 24.99%, $16,800 at 6.99%) and $250 extra a month, avalanche finishes in 52 months with about $11,350 of interest, snowball in 54 months with about $13,100. The gap is roughly $1,750. Wide rate spreads and large high-rate balances make avalanche's advantage bigger; similar rates make the two nearly identical.
Should I invest or pay off debt first?+
Paying down a debt is a guaranteed, tax-free return equal to its rate. A 20% card beats any realistic investment, so clear high-rate debt before investing beyond an employer match. Below roughly 6 to 8%, the answer genuinely depends on your risk tolerance: a 5% car loan can reasonably coexist with investing. Keep a small cash buffer either way, so a surprise bill does not become new card debt.
Will paying off debt improve my credit score?+
Usually yes, mainly through lower credit utilization as card balances fall, plus the on-time payment history you build along the way. Two caveats: closing a paid-off card shrinks your available credit and can nudge utilization up, and paying off your only installment loan can slightly reduce your account mix. Any dips are typically small and temporary; less debt and reliable payments are what scores reward long term.
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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