Debt Payoff Calculator
See your route out of debt
Add each debt you're carrying, mortgage not included, then pick a strategy and see your debt-free date. The debt snowball pays off the smallest balance first for quick wins; the debt avalanche targets the highest interest rate first to save the most money.
Debt 1
Your debt-free date
Add at least one debt with a balance and minimum payment to see your date.
What is a debt payoff plan
A debt payoff plan is a set order for paying down multiple debts, on top of the minimum payments you already owe. Instead of spreading extra money evenly across every balance, you aim it at one debt at a time, then roll that payment into the next once it's paid off, so your payoff power builds as you go.
Why should you have a strategy
Making only minimum payments on several debts at once can stretch repayment out for years and cost far more in interest than necessary. A clear strategy gives you a single focus, a visible debt-free date, and a way to see exactly how much sooner extra payments get you there, which makes it easier to stay motivated and stick with the plan.
How is it calculated
The calculator simulates your debts month by month: interest accrues on each balance, minimum payments are applied everywhere, and any extra payment, plus the minimums freed up from debts you've already paid off, is directed at whichever debt is next in your chosen order. It repeats this until every balance hits zero, giving you an estimated debt-free date and how much sooner that is than paying only the minimums.
Snowball vs. avalanche explained
Both strategies pay off the same total debt, they just differ in which balance gets your extra money first.
Debt snowball
Targets your smallest balance first, regardless of interest rate. Paying off a full debt quickly delivers an early win, which can build momentum and make the rest of the plan feel more achievable.
Debt avalanche
Targets your highest interest rate first, regardless of balance size. This is the mathematically optimal approach, since it minimizes the total interest you pay over the life of the plan.
The bottom line
Neither strategy works unless you can keep up the minimum payments on every debt, so make sure your plan is realistic before you commit to it. From there, the right choice comes down to what keeps you consistent: the avalanche saves more money, but the snowball's quick wins often make it easier to see through to the end.