Debt Payoff Calculator
Add every debt you owe, choose the snowball or avalanche strategy, and see your exact debt-free date, total interest paid, and month-by-month schedule.
Your Debts
How the Debt Payoff Calculator works
This calculator simulates your debts month by month. Each month, interest accrues on every balance, minimum payments are applied across all debts, and any extra payment you specify is directed entirely toward one "target" debt — chosen by your selected strategy. Once that target debt reaches zero, its former minimum payment rolls into the extra amount, accelerating the next debt in line. This rollover effect is why structured payoff plans finish faster than making the same total payments without a strategy.
Debt avalanche (highest interest rate first)
The avalanche method ranks your debts from the highest APR to the lowest. Because interest is the main reason debt is expensive, eliminating your costliest balance first mathematically minimizes total interest paid over the life of your payoff plan.
Debt snowball (smallest balance first)
The snowball method ignores interest rate entirely and instead ranks debts from smallest balance to largest. You may pay slightly more in total interest, but many people find the fast wins of closing out small accounts easier to sustain long-term.
Extra payment → smallest balance (snowball) or highest APR (avalanche)
Payoff month = when Balance − (Payment − Interest) ≤ 0
Tips to pay off debt faster
- Automate minimum payments so you never miss one and trigger penalty APRs.
- Direct every windfall — tax refunds, bonuses, side income — at your target debt.
- Avoid new balances while paying down existing debt; consider freezing card use.
- Recheck your plan every few months as balances and rates change.
- Consider a balance transfer or consolidation loan if you qualify for a materially lower rate.
Frequently Asked Questions
The debt snowball method pays off debts from smallest balance to largest, regardless of interest rate, to build motivation through quick wins. The debt avalanche method pays off debts from highest interest rate to lowest, which minimizes the total interest paid and typically results in a faster payoff.
You enter each debt's balance, interest rate, and minimum payment, plus any extra amount you can pay each month. The calculator simulates your payments month by month, applying extra funds to one target debt at a time based on your chosen strategy, and rolls over payments from paid-off debts to accelerate the next one.
Yes, this calculator is completely free with no signup required, and all calculations run locally in your browser — your data is never stored or transmitted.
Yes. You can add any combination of revolving or installment debt — credit cards, personal loans, auto loans, medical bills, or student loans — as long as you know the balance, interest rate, and minimum payment for each.