Free tool · Money
Debt Payoff Calculator
Add your debts and an extra monthly payment. See when you would be debt free and what the interest costs, and compare the two best-known payoff methods.
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Estimates for planning only. Real balances depend on your lender's terms. This is not financial advice.
How to use it
- Add each debt with its balance, yearly interest rate and minimum payment.
- Enter any extra amount you can pay each month on top of the minimums.
- Pick snowball or avalanche. The note under the results shows how the other method compares.
Good to know
Snowball pays the smallest balance first. Quick wins can help you stick with it.
Avalanche pays the highest interest rate first. It usually costs less in total interest.
When a debt is paid off, its minimum payment rolls over to the next one. The calculator assumes rates and minimums stay the same.