Debt Payoff Calculator
Plan payoff strategies with snowball and avalanche methods.
Summary
Total Payoff Time
Total Interest Paid
Total Principal
Payoff Order
| Order | Name | Payoff Month | Interest Paid |
|---|
Month-by-Month Projection
| Month | Payment | Interest | Principal | Remaining Balance |
|---|
What Is a Debt Payoff Calculator?
A debt payoff calculator shows how long it will take to pay off multiple debts using either the snowball method (lowest balance first) or the avalanche method (highest interest first).
How to Use This Calculator
- Choose your preferred payoff strategy.
- Add each debt with its balance, APR, and minimum payment.
- Optionally add an extra monthly payment to accelerate payoff.
- Click Calculate to see your payoff timeline and month-by-month projection.
Frequently Asked Questions
Which is better: snowball or avalanche?
The avalanche method saves the most interest. The snowball method provides quick wins that can help motivation. Choose the one that fits your psychology.
What happens when a debt is paid off?
The minimum payment from the paid-off debt is rolled into the payment for the next target debt, accelerating its payoff.
Does extra payment go to principal?
Yes. Extra funds are applied to the target debt's principal after minimum payments are made on all debts.
Can I add more than three debts?
Yes. Click the Add Debt button to include as many debts as you need.