Debt Payoff Calculator
Calculate debt payoff timeline with different strategies. Compare snowball (smallest balance first) vs avalanche (highest interest first) methods to find the fastest and cheapest way to become debt-free.
How to Use Debt Payoff Calculator
How to Use Debt Payoff Calculator
Adding Your Debts
Click "Add Debt" to add each debt you want to pay off.
Enter debt details: Name (e.g., "Chase Credit Card"), Balance (current amount owed), Interest Rate (APR), and Minimum Payment.
Add all debts you want to include in your payoff plan.
Using Example Presets
Click preset buttons to quickly load example scenarios.
Credit Cards Only: Two credit cards with different balances.
Mixed Debt: Credit card, car loan, and personal loan.
Student Loans: Multiple student loan balances.
High Interest Debt: High-rate credit cards needing urgent payoff.
Setting Extra Payment
Enter Extra Monthly Payment: Any amount above minimum payments you can afford.
Higher extra payments = faster payoff and less interest paid.
Choosing a Strategy
Avalanche (Recommended): Pays highest interest rate first. Mathematically optimal and saves the most money. Best for those motivated by numbers.
Snowball: Pays smallest balance first. Provides quick wins and psychological momentum. Best for those who need motivation from progress.
Understanding Results
Debt-Free Date: When you'll pay off all debts.
Total Interest: Total interest paid over the payoff period.
Total Paid: Principal + interest combined.
Payoff Order: Which debt to focus on first based on your strategy.
Tips
Even $50-100 extra per month significantly accelerates payoff.
Always pay minimums on all debts to avoid fees.
Focus extra payment on one debt at a time.
As you pay off debts, roll those payments to the next debt.
Consider balance transfer cards for high-interest debt.
Frequently Asked Questions
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