Debt Payoff Calculator
List your debts, pick a strategy, and see exactly when you'll be debt-free. Uses the snowball method (smallest balance first) by default, or switch to avalanche (highest interest first) to minimize interest paid.
Your payoff timeline
Remaining balance on each debt, month by month, as it gets paid off. Hover the chart for exact numbers.
Payoff order
How this calculator works
List each debt with its current balance, interest rate (APR), and minimum monthly payment. Every month, this calculator pays the minimum on every debt, then throws your extra payment at one debt at a time — smallest balance first if you pick snowball, highest interest rate first if you pick avalanche. Once a debt is paid off, its minimum payment doesn't disappear — it rolls into the extra payment pool and speeds up the next debt. That snowball effect is why the payments accelerate over time even though you're not adding new money.
Want to see the math on growing money instead of paying it off? Try the compound interest calculator, the dividend reinvestment calculator, or work backward from a target with the savings goal calculator. For more on choosing between snowball and avalanche, see Debt Snowball Method Explained.
A worked example
Say you have a $4,200 credit card at 22.9% APR (minimum $120), a $9,500 car loan at 6.5% APR (minimum $240), and a $2,800 personal loan at 14% APR (minimum $90) — and you can put an extra $150 a month toward them. With the snowball method, you'd pay off the personal loan first (smallest balance), then the credit card, then the car loan, becoming debt-free in a few years and paying a predictable, motivating amount of total interest along the way. Switch the strategy to avalanche and the calculator re-orders the same debts by interest rate instead, which usually finishes a little faster and cheaper in total interest — the trade-off is fewer "quick win" payoffs early on.
Snowball or avalanche — which should I use?
Avalanche (highest interest rate first) mathematically minimizes the total interest you pay. Snowball (smallest balance first) usually costs a little more in interest but pays off individual debts faster, which many people find easier to stick with. Try both in this calculator — the difference in total interest is usually smaller than people expect, and the best strategy is the one you'll actually follow through on.
Does this account for annual fees, balance transfers, or changing interest rates?
No — it assumes a fixed APR per debt and only counts minimum payments and your extra payment. Promotional rates, balance transfer fees, and variable-rate changes aren't modeled, so treat the result as a solid estimate rather than an exact bill.
What if my payments don't cover the interest?
If the minimum payments plus your extra payment aren't enough to cover the interest accruing on your debts, the balance will never go down — this calculator will flag that with a warning instead of showing a payoff date.
Reacties
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