Debt Payoff Calculator
Enter your balances, interest rates, and monthly payments — see exactly when you'll be debt-free and how much interest you'll save.
Your Debts
Extra monthly payment
Any amount above your minimums you can throw at debt each month. Snowball and avalanche use this.
Your Results
Total budget: $670/moMinimum Payments
Pay only the required minimum each month. No extra.
Time to Payoff
4 yrs 6 mo
Debt-Free Date
January 2031
Total Interest
$4,495
Payoff timeline
Debt Snowball
Smallest balance first — early wins build the habit that keeps you going.
Time to Payoff
2 yrs 5 mo
2 yrs 1 mo soonerDebt-Free Date
December 2028
Total Interest
$2,067
Saved vs Minimums
$2,428
First debt gone in 1 yr 5 mo
Your First Psychological Win
vs baseline above
Debt Avalanche
Highest interest rate first — mathematically minimizes what you pay.
Time to Payoff
2 yrs 5 mo
2 yrs 1 mo soonerDebt-Free Date
December 2028
Total Interest
$2,067
Saved vs Minimums
$2,428
vs baseline above
Results are estimates for educational purposes. Actual payoff times may vary based on your loan terms, fees, and payment timing.
Disclaimer: This calculator is provided for educational and informational purposes only and produces estimates based on the figures you enter. It assumes fixed interest rates and payments and does not account for fees, rate changes, or other terms specific to your accounts. It does not constitute financial, investment, tax, or legal advice. Consult a qualified professional before making financial decisions. See our full disclaimer.
Snowball or Avalanche? How to Pick
Once your minimum payments are covered, the debt avalanche and debt snowball methods answer the same question differently: which balance should extra money attack first?
- Debt avalanche sends every extra dollar to the highest-interest balance first, no matter how large it is. It is the mathematically cheapest order: the balance draining the most interest each month shrinks fastest, so less total interest accrues over the life of the payoff.
- Debt snowball sends extra dollars to the smallest balance first, no matter its rate. It typically costs a little more in interest than avalanche, but each payoff arrives sooner, which removes a line item and a monthly payment from the picture. That early win is a real behavioral advantage: plans that front-load quick payoffs tend to see people stick with them longer than plans that front-load the largest possible savings.
Which one wins depends on what actually gets a plan to the finish line. If the rate gap between your balances is large, avalanche saves meaningfully more interest. If the gap is small, the psychological boost of snowball can cost almost nothing extra.
Either way, extra payments compress payoff time faster than they shrink the balance, because early payments on any debt are mostly interest. More of each additional dollar goes straight to principal as the balance falls, which is why the calculator above shows the biggest jump in payoff date from the first extra dollars you add.
Debt Payoff, Answered
What's the difference between the debt snowball and the debt avalanche method?
Both send every payment above the minimums toward one target balance while paying minimums everywhere else, then move to the next target once one balance hits zero. Avalanche picks the target by highest interest rate; snowball picks it by smallest balance. The order is the only difference — your required minimum payments stay the same either way.
Which method actually saves more money?
Avalanche is always at least as cheap in total interest, since it always attacks the balance costing you the most first. The gap between the two methods is usually small when your rates are close together and larger when one balance carries a much higher rate — try both in the calculator above to see your own gap.
Why would anyone use snowball if avalanche saves more?
Because finishing the plan matters more than optimizing it. Snowball clears small balances quickly, which reduces the number of payments you're juggling and can make a payoff plan easier to stick with — a plan you follow beats a cheaper plan you abandon.
How much do extra payments really shorten payoff time?
More than the dollar amount alone suggests, especially in the first year or two, because early payments on any debt are mostly interest. Extra dollars go almost entirely to principal, which compounds in reverse — cutting future interest charges along with the balance itself.
Does this calculator account for changing interest rates or new charges?
No — it projects a fixed payoff schedule based on the rates, balances, and payments you enter today. A variable-rate card, a promotional rate expiring, or new charges added to a balance will change your real payoff date; re-run the numbers whenever your terms change.
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All Free Resources
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Turn These Numbers Into a Game Plan
A calculator shows the math. Compound builds the habit — track every dollar, watch your payoff plan progress in real time, and see exactly what your debt is costing you each year.