Debt Payoff Calculator
List your debts, pick a payoff strategy, and see exactly when you'll be debt-free.
Payoff order
- 1. Credit cardpaid off in month 16
- 2. Car loanpaid off in month 33
- 3. Student loanpaid off in month 52
How it works
- 1
List your debts
Add each debt with its current balance, annual interest rate (APR), and minimum monthly payment.
- 2
Pick a strategy
Avalanche targets the highest-interest debt first to minimize total interest paid. Snowball targets the smallest balance first for faster early wins and motivation.
- 3
Add what extra you can pay
Any amount above your minimums goes entirely toward your top-priority debt. As each debt is paid off, its minimum payment automatically rolls into the extra amount for the next one.
- 4
See your debt-free date
The calculator simulates month by month and shows total time to debt-free, total interest paid, and the exact order your debts get eliminated.
Frequently asked questions
What is the difference between avalanche and snowball?+
Avalanche pays off the debt with the highest interest rate first, which minimizes the total interest you pay. Snowball pays off the smallest balance first, which clears individual debts faster and can be more motivating, even if it costs slightly more in interest.
Which strategy saves more money?+
Mathematically, avalanche almost always saves more in total interest because it attacks the most expensive debt first. Snowball can still be the better choice if the quick wins keep you consistent with payments.
What happens to a debt’s minimum payment once it’s paid off?+
It rolls into your extra payment pool automatically. Your total monthly outlay stays the same throughout, so freed-up minimum payments accelerate whichever debt is next in your priority order.
Does this calculator account for changing interest rates?+
No — it assumes each debt’s APR stays constant for the simulation, which is typical for most fixed-rate loans and a reasonable approximation for credit cards over the short term.