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Debt Payoff Calculator

Estimate how long repayment takes — and compare snowball versus avalanche strategies on your actual debts.

Your debts

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$

Above all minimums, directed at the target debt.

Strategy

Your plan — snowball

Debt-free in
2y 8m
32 monthly payments
Total interest
$2,190
Total repaid
$15,190

Snowball vs. avalanche

Snowball (selected)

2y 8m · $2,190 interest

Avalanche

2y 8m · $2,190 interest

Payoff order

  1. Credit card — cleared in month 17
  2. Personal loan — cleared in month 32

Fixed-rate monthly model; lenders may differ on fees, daily interest, variable rates, and timing. Educational estimate, not financial advice.

Balance falling to zero

$0$3.3K$6.5K$9.8K$13KStartYear 2Year 3
Remaining balance
Year 3

Remaining balance: $0

Year-by-year schedule

Aggregated from the monthly simulation. Values rounded for display.
YearPaidInterestBalance
1$6,600$1,492$7,892
2$5,550$591$2,934
3$3,040$106$0

How it works

Each debt accrues monthly interest at annual rate / 12. Each month, minimums cover every non-target debt first; the extra budget attacks one target — the smallest balance (snowball) or the highest rate (avalanche). Freed payments redirect automatically when a debt clears:

  • Monthly interest = balance × monthly rate
  • Payment applied = min(available payment, balance + interest)
  • New balance = balance + interest − payment applied

A worked example

A $2,000 card at 10% ($60/mo minimum) plus an $8,000 loan at 22% ($200/mo minimum), with $200/mo extra on the avalanche plan: debt-free in 28 months with $2,370 of interest — the loan clears first, in month 26. Generated by the same engine as the live calculator above.

Limits

  • Fixed rates only — no fees, daily interest, variable rates, or timing quirks.
  • Plans that can't cover interest are reported infeasible, never given a fake date.
  • Not personalized financial advice.

Frequently asked questions

Snowball or avalanche — which is better?

Avalanche usually costs less interest because expensive debt dies first. Snowball clears a whole debt sooner, which helps motivation — and motivation is what keeps plans alive. The calculator shows both, so compare the actual difference for your debts: it's often smaller than people expect.

How are payments split each month?

Minimums go to every debt except the target (capped at what each owes). Then the target's minimum, your extra payment, and anything freed up cascade to the highest-priority unpaid debt. No dollar is counted twice and no payment exceeds what is owed.

Why does it say my debts can't be cleared?

Because your total monthly payments don't cover the monthly interest — balances would grow forever. That's an honest answer, not a bug: raise the payments to see a real payoff date. We never invent one.

Will my lender's numbers match?

Probably close, rarely exact. Lenders may use daily interest, fees, variable rates, and different payment timing. Treat this as a planning estimate.