Debt Payoff Calculator
List what you owe, add what you can pay on top of the minimums, and this works out when each debt clears — ordering them by rate, by balance, and against doing nothing at all.
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🧾 What you owe
One row per account. The minimum is what the lender asks for each month.
💪 What you can add
On top of every minimum
🏁 How it ends
⚖️ Avalanche vs snowball vs minimums
| Strategy | Time to clear | Total interest | Total paid | vs minimums only |
|---|---|---|---|---|
| 🏔️ Avalanche — highest rate first | 3 yr 10 mo | $6,096 | $40,496 | −$7,691 |
| ⛄ Snowball — smallest balance first | 3 yr 10 mo | $6,226 | $40,626 | −$7,561 |
| 🐢 Minimums only | 10 yr 3 mo | $13,787 | $48,187 | — |
🔍 Plan shown below
📋 The order they clear
| Debt | Cleared | Started at | Interest on it |
|---|---|---|---|
| Credit card | Month 27 · 2 yr 3 mo | $8,400 | $2,356 |
| Store card | Month 28 · 2 yr 4 mo | $1,200 | $386 |
| Car loan | Month 32 · 2 yr 8 mo | $9,800 | $992 |
| Student loan | Month 46 · 3 yr 10 mo | $15,000 | $2,361 |
📊 Where the money goes each year
📆 Month by month
| Month | Payment | Interest | Off the balance | Still owed |
|---|---|---|---|---|
| 1 | $895.00 | $299.22 | $595.78 | $33,804 |
| 2 | $895.00 | $292.51 | $602.49 | $33,202 |
| 3 | $895.00 | $285.70 | $609.30 | $32,592 |
| 4 | $895.00 | $278.79 | $616.21 | $31,976 |
| 5 | $895.00 | $271.76 | $623.24 | $31,353 |
| 6 | $895.00 | $264.63 | $630.37 | $30,723 |
| 7 | $895.00 | $257.39 | $637.61 | $30,085 |
| 8 | $895.00 | $250.04 | $644.96 | $29,440 |
| 9 | $895.00 | $242.57 | $652.43 | $28,788 |
| 10 | $895.00 | $234.98 | $660.02 | $28,128 |
| 11 | $895.00 | $227.27 | $667.73 | $27,460 |
| 12 | $895.00 | $219.44 | $675.56 | $26,784 |
Free to use. Results are estimates for general information, not professional advice — see our full disclaimer.
Two debts at the same balance are not the same debt, and two people with the same debts do not need the same plan. This works out both standard orderings from your actual numbers, so the choice is an informed one rather than a guess.
How to use the debt payoff calculator
- Add a row for every account — name, balance, interest rate and the minimum your lender asks for.
- Enter the extra you can put in each month on top of all the minimums.
- Read the banner for the payoff date and the interest, then the comparison table for how the three approaches differ.
- Switch the strategy to see the payoff order, the yearly chart and the month-by-month schedule for whichever one you are considering.
How the plan works
Every strategy spends the same amount each month: your minimums plus your extra. Each month, in this order:
- Interest is added to every balance.
- Every debt takes its minimum.
- Everything left over goes at one debt — and when that one clears, it spills onto the next.
That last step is the whole idea. The payment never shrinks, so as each account closes the amount aimed at the next one grows.
| Strategy | The leftover goes to | What it is good at |
|---|---|---|
| Avalanche | The highest interest rate | Costing the least |
| Snowball | The smallest balance | Clearing accounts soonest |
| Minimums only | Nowhere — freed payments leave your budget | Nothing, but it is the honest baseline |
A worked example
Four debts: a card at 8,400 and 22.9%, a store card at 1,200 and 17.9%, a car loan at 9,800 and 6.4%, and a student loan at 15,000 and 5.5%. The minimums come to 695 a month, and there is 200 spare.
- Minimums only: clear in about 10 years, paying roughly 13,800 in interest.
- Snowball: clear in under 4 years. The store card is gone in month 6, which is the point of it.
- Avalanche: same 4 years, a little over 100 cheaper, and nothing clears until month 27 — the card is the target the whole time.
A hundred over four years is not what decides this. Finishing is. But change the numbers so the biggest balance is also the dearest, and the gap grows into real money — which is exactly why it is worth running your own figures rather than taking a rule from an article.
Common mistakes
- Letting the minimum fall. Card minimums drop as the balance does. Holding the payment steady is most of what makes any of this work.
- Spreading the extra across every debt. Ten pounds each at four debts does far less than forty at one.
- Forgetting the buffer. Emptying the account into the debt means the next surprise goes straight back on the card.
- Reborrowing on a cleared card. The plan assumes the balance stays at zero once it gets there.
- Chasing the optimal order. The difference between the two strategies is usually smaller than the difference between sticking with it and not.
Terms used here
- Minimum payment — the least the lender accepts without the account going into arrears. Usually a percentage of the balance on a card, a fixed amount on a loan.
- APR — the yearly rate. Divided by twelve here to charge interest monthly, which is how most accounts work.
- Snowball — smallest balance first, named for the payment that grows as it rolls.
- Avalanche — highest rate first. Mathematically the cheapest order, always.
Frequently asked questions
What is the difference between the snowball and the avalanche?
Both put every spare pound at one debt while the others get their minimum. They differ only in which debt is first: the avalanche picks the highest interest rate, the snowball picks the smallest balance. The avalanche always costs less interest. The snowball clears an account sooner, and people who see an account disappear are more likely to keep going.
Which one should I use?
Run both here and look at the gap. If the avalanche saves a few hundred over several years, that is real money but it is not the difference between finishing and quitting - pick whichever you will actually stick to. If the gap is large, usually because your biggest balance is also your dearest, the avalanche is worth the patience.
Why does the plan still beat minimums when I add nothing extra?
Because the money freed by a cleared debt is redirected instead of leaving your budget. Paying minimums only means your total payment shrinks every time an account closes. Keeping it level is most of the effect - the extra payment is a bonus on top.
My minimum payment falls as the balance falls. Does that matter?
It does, and this calculator holds the minimum you enter steady, which is what you should aim to do anyway. Card minimums are usually a percentage of the balance, so letting them fall stretches the payoff for years. If you want to model the lender's declining minimum, the result here will be faster than theirs - the difference is the cost of letting the payment drop.
Does it account for fees or promotional rates?
No. Annual fees, balance-transfer fees and 0% periods that end are all outside the model. If you are on a promotional rate, enter the rate that applies after it ends, or run it twice to see both.
What if the numbers say I will never be clear?
That means the payments do not cover the interest, and no ordering fixes it - the banner says so. The levers are a bigger payment, a lower rate through a transfer or consolidation, or help. A non-profit debt adviser can negotiate what a calculator cannot, and speaking to one early costs nothing.
Should I save an emergency fund first?
A common approach is a small buffer first - enough for one unexpected bill - then the debt, because without one the next surprise goes back on the card and undoes the progress. What counts as small depends on your situation, and this is a question worth thinking about rather than taking from a calculator.
Related tools
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- Compound Interest CalculatorSee how a starting balance and regular deposits grow over time, year by year — with interest, contributions and effective annual rate separated out.
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