Debt Payoff Calculator
List your credit cards and loans, set a monthly budget, and compare the avalanche, snowball and minimum-payment plans by debt-free date, interest and payoff order.
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About this toolWhat is the Debt Payoff Calculator?
The Debt Payoff Calculator takes a list of debts (each with a balance, APR and minimum payment) and the total you can put toward them each month, then plays the repayment forward month by month. It shows the date you become debt-free, the interest you pay and the order in which each debt disappears.
Three plans are compared side by side. The avalanche method sends every spare dollar to the highest interest rate first. The snowball method targets the smallest balance first. The minimum-only plan shows what happens if you pay just the minimums. A chart plots total debt under each plan so the difference is visible at a glance.
Add up to 15 debts, name them however you like, and share the plan as a link. Nothing leaves your browser.
- Avalanche, snowball and minimum-only plans compared
- Debt-free date and total interest for each plan
- Payoff order with the month and interest for every debt
- Chart of total balance over time
- Up to 15 named debts, saved in a shareable link
How to use the Debt Payoff Calculator
- Enter each debt: a name, the current balance, the APR and the minimum monthly payment. Use Add debt for more rows.
- Set the total you will pay toward debt each month. It must at least cover all the minimums.
- Choose Avalanche, Snowball or Minimums to see that plan's debt-free date, interest and payoff order.
- Use the comparison table and chart to see how the three plans differ.
- Copy the results or share the link to keep your plan.
Worked examples
Four debts with 900 a month
Input
Store card 1,200 at 27.99%; Visa 6,500 at 22.9%; personal loan 4,000 at 11.5%; car loan 9,000 at 6.9%; minimums total 605
Output
Avalanche: debt-free in 27 months, 3,039.67 interest. Snowball: 27 months, 3,404.51. Minimums only: 79 months, 8,784.28
Putting 295 a month above the minimums cuts more than 5,700 of interest and over four years of payments. Avalanche saves about 365 more than snowball here because it tackles the 22.9% Visa before the personal loan.
Finding another 200 a month
Input
Same debts with a 1,100 budget, avalanche
Output
Debt-free in 21 months with 2,280.11 interest
An extra 200 a month removes six months and about 760 of interest. Small increases to the budget have a large effect because they compound through the rollover.
Background and insight
Both avalanche and snowball are "debt stacking" methods. You keep paying a fixed total every month. Every debt gets its minimum, and the extra goes to one target. When the target is paid off, its minimum does not disappear from your budget; it rolls onto the next target, so the amount attacking each debt grows over time. That rollover is what makes either method much faster than paying minimums.
Mathematically, avalanche always pays the least interest, because each extra dollar removes the most expensive debt first. Snowball can cost more but clears accounts sooner, and research on household debt repayment (for example a 2012 Journal of Marketing Research study by Gal and McShane) found that closing out individual accounts is associated with people sticking to repayment. The calculator lets you see the price of that motivation in money.
Interest is charged monthly at APR ÷ 12 on each balance before the payment is applied. Card issuers use average daily balances and minimums that shrink as balances fall, so real statements will differ slightly, and minimum-only repayment is usually even slower than shown.
Common use cases
Choosing a payoff method
See whether snowball's quick wins cost you much compared with avalanche for your actual debts.
Setting a debt-free goal
Adjust the monthly budget until the debt-free date lands where you want it.
Weighing a consolidation loan
Compare your current plan with a single loan at a lower rate entered as one debt.
Showing the cost of minimums
Demonstrate how long minimum-only payments take and what they cost in interest.
Tips and limitations
- Keep paying every minimum on time; missing one can trigger fees and a penalty APR that wrecks the plan.
- If a debt has a 0% promotional rate, enter its post-promotion APR or remember to clear it before the promo ends.
- Stop adding new charges to the cards you are paying off, or the plan will not hold.
- If two debts have nearly the same rate, paying the smaller first costs almost nothing and gives you a closed account sooner.
- A minimum that does not cover the monthly interest is flagged: that balance would never shrink on minimums alone.
Frequently asked questions
Is the debt avalanche or snowball method better?
Avalanche always costs the least interest because it pays the highest rate first. Snowball pays the smallest balance first, which costs more but gives earlier wins. In the default four-debt example the difference is about 365 over 27 months; with similar rates the gap is small and snowball's motivation may be worth it.
How long will it take to pay off my debt?
It depends on balances, rates and how much above the minimums you pay. Enter your debts and monthly budget and the calculator gives a debt-free month. For 20,700 of mixed debt at 900 a month, the avalanche plan takes 27 months; at minimums only it takes 79.
What happens to the minimum payment after a debt is paid off?
In this calculator, and in both stacking methods, it rolls over. Your total monthly payment stays the same, so the freed-up minimum is added to the payment on the next target debt. That is why payoff accelerates toward the end.
Why does paying only the minimum take so long?
Much of a minimum payment goes to interest. On a 22.9% card, interest on 6,500 is about 124 a month, so a 160 minimum reduces the balance by only around 36 at first. The minimum-only plan here also never reuses money from debts that are already paid off.
Does the debt payoff calculator handle a 0% balance transfer?
Enter the balance with 0% APR to model the promotional period. Remember that the promotional rate usually ends after a set number of months; if the balance will not be cleared by then, run a second scenario with the go-to rate.
How much should I put toward debt each month?
At least the sum of the minimums, which the calculator shows under the budget field. Beyond that, try a few amounts: each extra 100 a month usually removes several months from the plan. Keep a small emergency fund so a surprise bill does not go on a card.
Is there an in-depth guide to the Debt Payoff Calculator?
Yes. “Car Loans, Leases and Paying Off Debt: The Numbers That Matter” covers the background, how it works, common pitfalls and worked examples. Read the full guide.
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