Debt Payoff Calculator
List your debts, add what you can pay extra, and compare the two classic strategies: total interest, first quick win, and the month you're debt-free.
Frequently asked questions
- What's the difference between snowball and avalanche?
- Both pay every minimum, then push all extra money at ONE debt. Snowball targets the smallest balance first for a fast, motivating win; avalanche targets the highest interest rate first, which always costs the least in total interest.
- Which strategy should I choose?
- Avalanche is mathematically cheapest — the calculator shows exactly how much it saves for your debts. But research on debt repayment suggests quick wins keep people going, and the plan you stick to beats the optimal plan you abandon. If the savings are small, pick snowball guilt-free.
- What happens when one debt is paid off?
- Its minimum payment doesn't disappear — it rolls into the attack on the next target. Your total monthly outlay stays the same until you're debt-free, which is why the payoff accelerates near the end.
- Why does the calculator say my payments don't cover the interest?
- If the combined minimums plus extra are less than the interest your balances generate each month, the total owed grows instead of shrinking — no payoff date exists. Raising the monthly amount even slightly above the interest flips the direction.