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About the debt payoff calculator
If you owe money on several cards or loans, the question is always the same: which one should I pay first, and when will I be free? This calculator answers both.
Add each debt with its balance, its interest rate per year and its minimum payment. Then type the extra I can pay per month and choose a payoff method. You see your debt-free date, the total interest, and the order in which each debt disappears.
It also compares your plan with minimum payments only, so you can see in real money what the extra payment is worth.
How to use it
- Type the name, balance, interest rate per year and minimum payment of each debt
- Press Add another debt for more (up to 12)
- Type the extra I can pay per month — even a small amount helps
- Choose the payoff method: Avalanche or Snowball
- Read the debt-free date, the interest, and the date each debt is paid off
Snowball or avalanche?
Both methods pay the minimum on every debt and send all the extra money to one debt at a time. When that debt is gone, its payment moves to the next one — the "snowball" gets bigger.
| Method | Pay first | Good for |
|---|---|---|
| Avalanche | The debt with the highest interest rate | Paying the least interest — the cheapest way |
| Snowball | The debt with the smallest balance | Quick wins that keep you motivated |
An example
Three debts: a credit card of $6,500 at 22% (minimum $160), a car loan of $4,200 at 7% (minimum $140) and a personal loan of $14,000 at 5% (minimum $160). Extra payment: $200 a month.
| Plan | Debt-free in | Total interest |
|---|---|---|
| Avalanche (card first) | 3 years 8 months | $3,654 |
| Snowball (car loan first) | 3 years 8 months | $4,284 |
| Minimum payments only | 9 years 2 months | $9,408 |
The avalanche costs $630 less than the snowball here, and the extra $200 a month saves about $5,750 compared with minimum payments only. The snowball clears the first debt (the car loan) after 13 months, which feels good.
Tips to get out of debt faster
- Stop adding new debt while you pay
- Round up — if the minimum is $137, pay $150
- Put windfalls (tax refund, bonus) on the target debt
- Ask for a lower rate on your cards, or move the balance to a 0% card if the fee is small
- Keep a small emergency fund so a surprise does not go back on a card — see the Emergency Fund Calculator
Frequently asked questions
Is the debt snowball or the avalanche better?
The avalanche always costs the same or less in interest. The snowball can keep you going because you finish debts sooner. The best method is the one you will stick to — and the difference is often small.
What happens to the minimum payment of a debt I have paid off?
It is added to the extra money and sent to the next debt. That is what makes the plan speed up. The calculator does this for you.
Why does it say my debts never go away?
Because a minimum payment is smaller than the monthly interest on that debt. The balance grows instead of shrinking. Pay more than the interest on every debt, or add an extra payment.
Does the calculator include new purchases or fees?
No. It assumes you stop borrowing and pay the same amounts every month. Real life changes, so check again every few months.
Should I save or pay debt first?
Most guides say: save a small starter emergency fund first, then attack debt with a high rate, then build the fund bigger.
Is this financial advice?
No. It is a planning tool. For a hard situation, a non-profit credit counselor can help.
Good to know
- Works with any currency — choose it at the top
- Your numbers are saved only in this browser
- Nothing you type is sent anywhere
Related tools
- Credit Card Payoff Calculator — one card in detail
- Loan Calculator — one loan, any term
- Budget Calculator — find the money for extra payments
- Emergency Fund Calculator — the safety net
- Savings Goal Calculator — save for what comes next
