Debt Payoff Calculator
Plan your debt-free date with avalanche and snowball payoff strategies. Enter your debts to see monthly payments, total interest paid, and a full amortization schedule with interactive charts.
Financial Disclaimer: This calculator provides estimates based on fixed interest rates and consistent monthly payments. Actual results may vary due to variable rates, fees, compounding methods, and changes in minimum payments. This tool does not constitute financial advice. Consult a qualified financial advisor before making debt repayment decisions.
Quick Facts
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How to Use This Calculator
- Add each debt with its name, current balance, interest rate (APR), and minimum monthly payment.
- Enter any extra monthly payment you can make above the combined minimums.
- Click Calculate to see your payoff timeline for both Avalanche and Snowball strategies.
- Compare total interest paid, payoff date, and monthly schedules side by side.
- Review the amortization chart to visualize your debt-free journey over time.
The Formula
Monthly Interest = Balance x (APR / 12). Avalanche: extra payments go to the highest-rate debt first. Snowball: extra payments go to the lowest-balance debt first. Both methods pay minimums on all debts, then apply the extra to the target debt.Frequently Asked Questions
The Avalanche method pays off debts with the highest interest rate first, saving you the most money in total interest. The Snowball method pays off debts with the smallest balance first, giving you quick wins that build motivation. Avalanche is mathematically optimal; Snowball is psychologically effective.