Finance
Debt Payoff Calculator
Plan your debt-free journey. Add up to 5 debts, compare snowball vs avalanche strategies, and see your exact payoff date.
Add debts and click Calculate
How is this calculated?
Snowball: Sort debts smallest balance first
Avalanche: Sort debts highest APR first
Each month:
1. Pay minimums on all debts
2. Apply extra payment to target debt
3. When a debt is paid off, roll its payment to next target
4. Repeat until all debts are $0
Total Interest = Sum of all interest across all monthsFAQ
Frequently asked questions about debt payoff
What is the debt snowball method?
The snowball method pays off debts smallest-to-largest regardless of interest rate. Once the smallest debt is paid, its payment rolls into the next smallest. This builds momentum and motivation.
What is the debt avalanche method?
The avalanche method pays off debts highest-interest-first. This minimizes total interest paid over time, saving you more money than the snowball method mathematically.
Which is better: snowball or avalanche?
Avalanche saves more money in interest. Snowball provides quicker wins for motivation. Choose avalanche if you are disciplined, snowball if you need psychological momentum.
How can I pay off debt faster?
Pay more than the minimum, use the avalanche method, consolidate high-interest debts, cut expenses to free up extra payment money, and consider balance transfer cards with 0% intro APR.
Does paying extra go to principal?
Yes, extra payments beyond the minimum go directly to principal, reducing your balance faster and cutting future interest charges. Always confirm with your lender that extra payments apply to principal.
Is this debt payoff calculator free?
Yes, completely free with no sign-up required. All calculations happen in your browser — your financial data is never sent to any server.