Debt Payoff Calculator
Compare snowball vs avalanche debt payoff strategies with extra payments and see your debt-free date
Your Debts
Payoff Strategy
Quick examples
Payoff Plan
Payoff Order
| # | Debt | Balance ($) | APR (%) | Payoff Month | Payoff Date |
|---|
How we calculated this
Months to Debt-Free
What if?
Each row recalculates with your current inputs. Tap a row to apply it.
Compare two plans
Enter your debts to build a payoff plan
Add at least one debt with a balance, APR and minimum payment above
Authoritative sources and references
The official standards, guidelines, and research behind this calculator's methodology.
Debt Payoff Calculator FAQ
Snowball or avalanche — which is better?
Avalanche always costs the least in interest because it attacks the highest-rate debt first. Snowball closes accounts sooner, which many people find motivating. Run both in the Compare table — if the interest difference is small, choose the one you will stick with.
How do extra payments cascade?
Your monthly budget is the sum of all minimums plus the extra amount. When a debt is paid off, its minimum is no longer needed there, so the whole budget keeps flowing into the remaining debts — the attack on the next target grows every time an account closes.
What if my minimum payment is smaller than the monthly interest?
That debt would grow forever. The calculator flags it — raise the extra payment or that minimum until the budget covers the interest and starts reducing the balance.
How do I know my debt-free date with my current payments?
Enter each balance, rate, and the payment you actually make, and the schedule shows the month your last debt clears. Watching that date move closer as you enter an extra payment amount is the fastest motivation loop in debt payoff planning.
Should I close a credit card after paying it off?
Not immediately, usually. Closing a card removes its available credit, which can raise your utilization ratio and dent your score, and old accounts contribute to credit age. Keeping a zero-balance card open with a small occasional purchase is often the better score move.
How do 0% balance transfer offers affect my plan?
A 0% APR window pauses interest so every dollar hits principal, but transfers typically cost a 3–5% upfront fee. Run both paths in the calculator: if the fee is smaller than the interest you would pay during the promotional period, the transfer wins — and set a payoff target before the window closes, since revert rates are often 25%+ .
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