Debt Payoff Calculator
Plan paying off several debts with the avalanche or snowball method. Get your debt-free date, total interest and the order each debt is cleared.
When you owe on several cards and loans, the order you pay them in changes how long it takes and how much interest you pay. This calculator builds a payoff plan using the avalanche method (highest interest rate first) or the snowball method (smallest balance first). Every minimum is paid each month, any extra money goes to the target debt, and each cleared minimum rolls into the next one.
How to use this tool
- List each debt on its own line: name, balance, APR and minimum payment, separated by commas.
- Enter how much extra you can pay each month on top of all the minimums.
- Pick the avalanche or snowball method.
- Read your debt-free date, total interest and the order in which each debt is paid off.
Formula
Each month: interest = balance × APR (%) ÷ 1200 on every debt; pay all minimums; send the rest of the budget to the target debt.
The budget stays fixed at the sum of the minimum payments plus your extra amount, so when one debt is cleared its minimum moves to the next target. Avalanche targets the highest APR; snowball targets the smallest starting balance.
Example
The four sample debts total $23,700 and their minimums add up to $655, so the extra $200 makes an $855 monthly budget. With the avalanche method the 24.9% credit card is cleared first (month 21), then the store card, the personal loan and finally the car loan, so you are debt-free in 33 months and pay $4,170.44 in interest. The snowball order costs $4,686.16 and takes a month longer, so here avalanche saves $515.72. Compared with paying minimums only, the extra $200 saves $3,305.76 and 15 months.
Frequently asked questions
Avalanche or snowball — which is better?
Avalanche always costs the same or less interest, because the most expensive balance shrinks first. Snowball clears small debts sooner, which many people find easier to stick with. The results show both totals so you can see what the quicker wins cost.
Why do I need to enter minimum payments?
Missing a minimum triggers late fees and can raise your rate, so every plan keeps all minimums current. Only the money left over after minimums is aimed at one debt at a time.
Should I include my mortgage?
You can, but most people leave low-rate, long-term debt out and focus the plan on cards and personal loans, where the interest rate is highest.
This tool gives an estimate for general information only. It is not financial, tax, legal or medical advice — check with a qualified professional before you rely on the result.
Last updated: 2026-10-30