Debt Payoff Calculator
Plan a debt-free date across up to four debts with the avalanche or snowball method, see the payoff order, total interest, and how much the other method would cost.
Debt Payoff Calculator: with the default inputs, months to debt-free is 31.
On top of all the minimums. When a debt is paid off, its minimum rolls into the next one.
- Debt-free date
- March 10, 2029
- Total interest
- $3,170
- Total paid
- $15,670
- Total monthly payment
- $510All minimums plus your extra — stays constant until you're done.
- Interest saved vs the other method
- $729Positive means your chosen method costs less interest.
- Months with the other method
- 33
Assumptions
- Interest accrues monthly at APR ÷ 12 on each balance; payments are applied at the end of the month.
- Minimums stay at the amounts you enter (they don't shrink as balances fall); the total monthly payment is constant.
- No new charges, fees or rate changes; the final payment on each debt is whatever clears it.
| # | Debt | Balance | APR | Minimum | Paid off in month | Payoff date | Interest paid |
|---|---|---|---|---|---|---|---|
| 1 | Debt 1 | $8,000 | 22.99% | $160 | 30 | 2029-02-10 | $2,523 |
| 2 | Debt 2 | $4,500 | 9.5% | $150 | 31 | 2029-03-10 | $647 |
How this is worked out
The formula
Each month, for every debt: balance += balance × APR ÷ 12 Pay each minimum; send (all minimums + extra − minimums paid) to the target debt. Avalanche target = highest APR still open. Snowball target = smallest balance still open. When a debt reaches zero its minimum rolls into the next target. Repeat until all balances are zero.
Open How it’s calculated above to see this worked through with your own numbers.
What you enter
- Strategy
- Choose one of 2 options.Avalanche — highest APR first (least interest) · Snowball — smallest balance first (quick wins)
- Extra paid every month
- On top of all the minimums. When a debt is paid off, its minimum rolls into the next one.in dollars · 0 or more · defaults to 200
- Debt 1 balance
- A number.in dollars · 0 or more · defaults to 8000
- Debt 1 APR
- A number.a percentage · from 0 to 100 · defaults to 22.99
- Debt 1 minimum payment
- A number.in dollars · 0 or more · defaults to 160
- Debt 2 balance
- A number.in dollars · 0 or more · defaults to 4500
- Debt 2 APR
- A number.a percentage · from 0 to 100 · defaults to 9.5
- Debt 2 minimum payment
- A number.in dollars · 0 or more · defaults to 150
- Debt 3 balance(under More options)
- A number.in dollars · 0 or more · defaults to 0
- Debt 3 APR(under More options)
- A number.a percentage · from 0 to 100 · defaults to 0
- Debt 3 minimum payment(under More options)
- A number.in dollars · 0 or more · defaults to 0
- Debt 4 balance(under More options)
- A number.in dollars · 0 or more · defaults to 0
- Debt 4 APR(under More options)
- A number.a percentage · from 0 to 100 · defaults to 0
- Debt 4 minimum payment(under More options)
- A number.in dollars · 0 or more · defaults to 0
- First payment date(under More options)
- A calendar date.defaults to today
What you get back
- Months to debt-freemain answer
- Debt-free date
- Total interest
- Total paid
- Total monthly payment
- All minimums plus your extra — stays constant until you're done.
- Interest saved vs the other method
- Positive means your chosen method costs less interest.
- Months with the other method
What this assumes
- Interest accrues monthly at APR ÷ 12 on each balance; payments are applied at the end of the month.
- Minimums stay at the amounts you enter (they don't shrink as balances fall); the total monthly payment is constant.
- No new charges, fees or rate changes; the final payment on each debt is whatever clears it.
About this calculator
When you owe money in several places, the order you attack it changes both the interest you pay and how quickly you feel progress. This calculator takes up to four debts — cards, loans, anything with a balance, an APR and a minimum — plus whatever extra you can add each month, and simulates the payoff month by month under the two standard strategies. You get your debt-free date, the total interest, the order the debts fall, and exactly what the other strategy would have cost.
Avalanche vs snowball
- Avalanche targets the highest APR first. It's mathematically optimal: every extra dollar goes where it stops the most interest.
- Snowball targets the smallest balance first. It pays a bit more interest but clears an account quickly, which many people find easier to stick with.
Both use the same total payment every month. The trick that makes either work is the rollover: when a debt is gone, its minimum doesn't go back into your budget — it moves to the next target, so the payment aimed at each successive debt keeps growing.
How to use it
Enter each debt's current balance, APR and minimum payment from the statements. Debts 3 and 4 are under More options; leave a balance at zero to skip it. Set the extra amount you'll commit above the minimums, choose a strategy, and set the first payment date to get real dates. The table lists each debt in payoff order with its date and the interest it ended up costing; the chart shows the total balance under both strategies.
Reading the results
- Months to debt-free and the date are for your chosen strategy.
- Interest saved vs the other method is usually a few hundred dollars for typical balances and rarely more than a few percent of the total — pick the strategy you'll actually follow.
- Total monthly payment is constant until the end. If that's more than you can sustain, lower the extra rather than skipping months; consistency matters more than the strategy.
Things this doesn't do
It doesn't add new charges, model promotional 0% periods that expire, or shrink minimums as balances fall the way card issuers do (that only helps you here, since a fixed minimum pays more). If one debt has a 0% promo ending in a few months, treat its APR as the post-promo rate and consider targeting it before the promo ends.
Frequently asked questions
▸Which is better, snowball or avalanche?
Avalanche always pays less interest and is never slower. Snowball clears the first account sooner, which helps motivation. The dollar difference is usually small — run both here and choose the one you'll stick with.
▸What happens to a minimum payment once that debt is paid off?
It rolls into the payment on the next target debt. That's why the plan accelerates: the last debt gets hit with every minimum you used to spread around, plus your extra.
▸Should I include my mortgage or student loans?
Usually not the mortgage — its rate is low and its balance would dominate the plan. Student loans at 6–8% are reasonable to include after higher-rate debt, but check whether an income-driven plan or forgiveness changes the picture first.
▸What if I can't add anything extra?
Still choose an order and roll over minimums as debts close; that alone beats paying minimums on everything forever. Then look for a balance-transfer card or consolidation loan to lower the rates.
▸Why does the calculator say my debts will never be paid off?
Your total monthly payment is less than the interest all the balances accrue in a month, so the total grows. Raise the extra amount, negotiate lower rates, or consolidate — a payment just above the interest line still takes decades.
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