Debt Payoff Calculator
Build a debt payoff plan using balances, interest rates, minimum payments, and extra monthly payment. For example, paying an extra $200 per month on a $15,000 credit card at 22% APR could save you $3,200 in interest and get you debt-free 3 years sooner. Compare avalanche and snowball methods.
Payoff Strategy
Amount above the total minimums applied each month toward your target debt.
Your Debts
Payoff Results
Snowball
3 yr 6 mo
to pay off all debts
Total Interest
$3,802
Avalanche
Selected3 yr 5 mo
to pay off all debts
Total Interest
$3,427
The avalanche strategy saves you $375 in interest compared to snowball.
Payoff Order - Avalanche Strategy
Methodology and limitations
Last reviewed:
Methodology
Models balances, APRs, minimum payments, and extra payment allocation to estimate debt payoff order, timing, and interest cost.
Limitations
Planning estimate only. It does not replace nonprofit credit counseling, hardship-program review, debt-settlement advice, or lender negotiation.
Official sources
How to Use the Debt Payoff Calculator
Build a debt payoff plan using balances, interest rates, minimum payments, and extra monthly payment. For example, paying an extra $200 per month on a $15,000 credit card at 22% APR could save you $3,200 in interest and get you debt-free 3 years sooner. Compare avalanche and snowball methods.
Method used
This calculator models monthly interest and payments across multiple debts, then estimates payoff timing based on the selected repayment strategy.
Practical example
Example: compare sending extra money to the highest APR debt first versus the smallest balance first to see the interest and timing difference.
What this includes
- Includes balances, APRs, minimum payments, and extra monthly payment planning.
- Useful for comparing avalanche and snowball payoff strategies.
What this excludes
- Does not replace credit counseling, hardship programs, or lender negotiations.
Frequently Asked Questions
How does the debt payoff calculator work?
Enter each debt's balance, annual percentage rate (APR), and minimum monthly payment, then add any extra amount you can pay each month. The calculator applies monthly interest to each account, subtracts payments according to your chosen strategy, and rolls freed-up minimum payments toward the next target debt. It estimates how many months until you are debt-free, total interest paid, and how much you save compared to making only minimum payments on every account.
What is the debt avalanche method?
The debt avalanche method directs all extra monthly payment money to the debt with the highest interest rate first while making minimum payments on everything else. Once the highest-rate debt is paid off, you roll its minimum payment plus your extra amount toward the next-highest rate. This approach mathematically minimizes total interest paid and is the fastest way to become debt-free when you stay consistent with payments.
What is the debt snowball method?
The debt snowball method sends extra payments to the smallest balance first, regardless of interest rate, while making minimums on all other debts. When the smallest debt is cleared, you apply its payment to the next-smallest balance. This creates quick psychological wins that can help maintain motivation, though it may cost more in total interest than the avalanche method if your smallest balances do not carry the highest rates.
Does this replace credit counseling?
No. This is a self-directed planning tool for borrowers who can afford their minimum payments and want to optimize payoff order. If payments are unaffordable, accounts are delinquent, or you are considering bankruptcy, contact a nonprofit credit counseling agency accredited by the NFCC. Certified counselors can negotiate with creditors, set up debt management plans, and provide personalized guidance that a calculator cannot replace.
How much extra should I pay toward debt each month?
Any amount above your combined minimum payments accelerates payoff and reduces interest. Start with whatever fits your budget - even $50 extra per month makes a measurable difference on high-APR credit card debt. Use this calculator to test different extra payment amounts and compare avalanche versus snowball timelines. The goal is a sustainable monthly amount you can maintain until all listed debts reach zero balance.