Debt Payoff Calculator
Build your debt-free plan with snowball or avalanche strategies
Payoff Strategy
Your Debts
Add all debts you want to pay off
Extra Monthly Payment
Payoff Timeline
Payoff Summary
Debt-Free Date
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Time to Payoff
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Total Interest
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Monthly Payment Plan
How to allocate your payments this month
Add debts to see your payment plan
Strategy Comparison
Payoff Order
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Helpful Guides
How to Pay Off Credit Card Debt Fast: A Step-by-Step Guide
Proven strategies to eliminate credit card debt quickly using avalanche, snowball, and hybrid methods.
Emergency Fund vs. Paying Off Debt: Which Should You Prioritize?
A framework to decide whether to save for emergencies first or attack debt — with a balanced hybrid approach.
How to Create a Budget That Actually Works
A step-by-step guide to building a realistic budget you can stick to — including the 50/30/20 framework.
How to Use the Debt Payoff Calculator
Enter each of your debts with their current balance, APR (annual percentage rate), and minimum monthly payment. Then add any extra amount you can put toward debt each month. Choose between the avalanche method (highest interest first) or snowball method (smallest balance first) to see your personalized debt-free timeline.
Frequently Asked Questions
What is the debt avalanche method?
The debt avalanche method focuses on paying off debts with the highest interest rate first while making minimum payments on all other debts. Once the highest-rate debt is paid off, you redirect that payment to the next highest rate. This approach minimizes total interest paid, making it the mathematically optimal strategy.
What is the debt snowball method?
The debt snowball method focuses on paying off the smallest balance first while making minimum payments on other debts. As each small debt is eliminated, you roll that payment into the next smallest. This builds psychological momentum - seeing debts disappear quickly keeps you motivated to continue.
Which is better: snowball or avalanche?
The avalanche method saves the most money in interest, while the snowball method has higher completion rates because of its motivational benefits. If your highest-interest debt also has a large balance, snowball may be better for staying motivated. If you're disciplined and want to save the most, choose avalanche. Our calculator shows you the exact dollar difference.
How much extra should I pay toward debt?
Even an extra $50-100 per month can dramatically reduce your payoff timeline and total interest. Try different amounts in the calculator to see the impact. Look for ways to free up cash: cancel unused subscriptions, reduce dining out, or put tax refunds and bonuses toward debt.
Should I pay off credit cards or student loans first?
In most cases, pay credit cards first. They typically carry 20-30% APR compared to 5-8% for student loans. Credit card interest also compounds daily and isn't tax-deductible. The avalanche method naturally prioritizes credit cards because of their higher rates.
Should I save while paying off debt?
Build a small emergency fund of $1,000-2,000 first to avoid going further into debt for unexpected expenses. Then focus aggressively on debt. Once debt is paid off, build your full 3-6 month emergency fund. See our emergency fund vs debt guide for the full framework.