Debt payoff calculator
Plan your way out of several debts with the snowball or avalanche method and see when you'll be debt-free.
Results
Time to debt-free
2 years 2 months
This is how long it takes to clear all 4 debts with your monthly budget, paying off the debt with the highest interest rate first.
- Number of monthly payments
- 26
- Total interest
- $2,150.85
- Total paid
- $20,450.85
- Total of minimum payments
- $520.00Your monthly budget must cover at least this much
- Order to pay off
- Credit card → Store card → Personal loan → Car loan
- Time to debt-free with the snowball method
- 2 years 2 months
- Total interest with the snowball method
- $2,186.08
What you still owe
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How it works
Each month every debt is charged interest and gets its minimum payment. Whatever is left of your budget goes to one target debt; when it is cleared, its payment rolls on to the next debt in line. The snowball method targets the smallest balance first for quick wins, while the avalanche method targets the highest rate first to cut interest. The order is set at the start and we compare both methods for you.
Formula
- Monthly interest = balance × yearly rate ÷ 12 ÷ 100
- Extra = budget − minimum payments on open debts
- Snowball order: smallest balance first; avalanche order: highest rate first
- Extra goes to the first open debt in the order, then spills to the next
Frequently asked questions
Snowball or avalanche: which should I pick?
The avalanche method almost always costs less interest because it attacks the most expensive debt first. The snowball method clears small balances sooner, which many people find motivating. The results show both, so you can see what the quicker wins would cost you.
What should my monthly budget include?
Enter the total you can put towards all of these debts each month, including the minimum payments. It must at least cover the minimums. Any amount above them is what speeds up your payoff.
What happens when a debt is paid off?
Its minimum payment doesn't disappear from your budget. It joins the extra amount and goes to the next debt in line, so your payments roll forward and each later debt is cleared faster.
Why might my real payoff date be different?
Lenders may charge interest daily, add fees or change rates, and minimum payments often fall as balances shrink. This plan assumes fixed rates, fixed minimums and no new borrowing, so treat it as a guide rather than an exact date.
Related calculators
- Credit card payoff calculatorSee how long a card balance takes to clear at a fixed payment, or what to pay each month to clear it by a deadline.
- Debt consolidation calculatorCompare paying off several debts as you are now with rolling them into one new loan.
- Budget calculatorSee where your monthly income goes, your savings rate and how your budget compares with the 50/30/20 guideline.
- Loan calculatorWork out the monthly payment, total interest and payoff date for a personal, car or business loan.
Results are estimates only, not financial advice. Read the disclaimer.