Debt payoff calculator

List what you owe, add what you can spare each month, and see the date your last debt is stamped paid. Compare the snowball and avalanche side by side.

Your debts

Strategy

Debt-free with the avalanche

month 28

2 yrs 4 mo · $720 a month

$2,353total interest
$3,419saved vs minimums only (6 yrs 5 mo)
Month 3first debt paid off

You’d need about $283 extra a month ($803 total) to be debt-free in 2 yrs.

The avalanche saves $187 in interest over the snowball.

AvalancheMinimums only

Payoff order

  1. 1
    Store card$640 at 26.99% · interest paid $28
    Paidmonth 3
  2. 2
    Visa$4,200 at 22.9% · interest paid $839
    Paidmonth 17
  3. 3
    Personal loan$2,600 at 13.5% · interest paid $421
    Paidmonth 21
  4. 4
    Car loan$9,800 at 7.4% · interest paid $1,065
    Paidmonth 28

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Pick the tool for the debt in front of you

Debt snowball calculatorSmallest balance first, with every freed-up minimum rolled forward.Debt avalanche calculatorHighest interest first, for the lowest total cost.Debt payoff trackerLog payments, watch balances fall, collect a PAID stamp for each debt.Credit card payoffHow long one card takes.Minimum payment trapWhat minimums really cost.Balance transferIs the fee worth it?Consolidation loanOne loan vs your current debts.Loan payoffExtra payments on a car or personal loan.

How to pay off debt faster with a plan

Paying only the minimums spreads your money thinly across every account, and on credit cards most of each payment goes to interest. A payoff plan does two things differently: it puts a fixed amount toward debt every month even as balances shrink, and it concentrates every spare dollar on one debt at a time.

When that target debt is gone, its minimum payment doesn’t disappear back into your budget. It joins the extra payment and attacks the next debt. The payment grows each time you finish one, which is why the chart above bends downward faster over time.

Choosing the order

The avalanche method targets the highest interest rate first and is the cheapest mathematically. The snowball method, popularised by Dave Ramsey, targets the smallest balance first so you get a win early. The difference in cost is often smaller than people expect, as the snowball vs avalanche comparison shows.

Want the full checklist? Read how to pay off debt fast, or jump to a specific amount: $10,000, $20,000, $30,000, $50,000.

Custom order, lump sums and goals

Under “More options” you can add a one-time lump sum (say, a tax refund in month 3) or an extra payment once a year, and switch off rollover to see how much the snowball effect is doing for you. Pick “Custom” to pay debts in your own order (reorder them with ↑). The goal box answers the reverse question: how much extra a month to be debt-free in 24 months, or any target you type. The full month-by-month schedule downloads as a CSV for Excel or Google Sheets.

Finding the extra money

Even $50 a month changes the picture. Common sources: a tax refund or bonus put straight on the target debt, a cancelled subscription, selling something you no longer use, or a temporary side income. Put any windfall on the current target debt, not spread across all of them.

Questions people ask

How does this debt payoff calculator work?

It simulates your debts month by month. Each month, interest is added to every balance at its APR divided by 12, every minimum payment is made, and whatever is left of your monthly budget goes to one target debt. When a debt hits zero, its minimum rolls into the next target. That rollover is what makes both the snowball and avalanche faster than paying minimums.

Which is better, the snowball or the avalanche?

The avalanche (highest APR first) always costs the same or less interest, because each extra dollar kills the most expensive debt. The snowball (smallest balance first) usually costs a bit more but pays off a whole debt sooner, and a Kellogg School of Management study of real debt-settlement clients found that closing out accounts was linked to people sticking with repayment. Run both above: if the difference is small, pick the one you will actually stick to.

What should I put as the minimum payment?

Use the minimum due shown on your latest statement. Credit card minimums fall as the balance falls, but this calculator keeps each minimum fixed at today’s amount. That is the usual payoff-plan approach, and it pays debt off faster than letting the minimum shrink.

Is my debt information saved or shared?

Your debts are saved only in this browser (localStorage) so they’re still here next time. Nothing is sent to a server unless you press “Coach my plan”, which sends just the numbers to generate the reply. You can wipe everything with the Clear button or on the privacy page.

How can I calculate my debt payoff date?

Enter each debt’s balance, APR and minimum payment, plus any extra you can add each month. The date shown under “Debt-free with…” is the month your last balance reaches zero. To work backwards from a date, type a number of months in the goal box and it shows the extra monthly payment needed.

Can I pay debts in my own order?

Yes. Choose “Custom · your list order” and use the ↑ button on each debt to reorder the list. Useful when a 0% promo is about to expire or one debt has a co-signer. The result shows how your order compares with the avalanche in interest.

Does the calculator include new charges?

No. It assumes you stop adding to the balances. If you keep using a card, the payoff date moves out. Most payoff plans work best when the card is put away while you pay it down.