Debt Payoff Calculator
Your Debts
Payoff Strategy
Pay smallest debts first for quick wins
Debt Payoff Calculator FAQ
What does the Debt Payoff Calculator do?
The Debt Payoff Calculator helps you organize multiple debts into a clear payoff plan. You can compare strategies like snowball (smallest balance first) or avalanche (highest rate first) and see estimated payoff dates and total interest paid.
What information do I need for this calculator?
You'll need each debt's balance, interest rate, and minimum payment. You can also add an extra monthly amount you want to put toward debt. The calculator uses this to simulate how quickly you can pay off each balance.
What is the difference between snowball and avalanche?
With the snowball method, you pay off the smallest balances first to build quick wins. With the avalanche method, you target the highest interest rates first to minimize total interest paid. This calculator lets you compare both.
As you plan your payoff journey, you can also use our Shopping Budget Calculator to free up extra cash each month or our ROI Calculator to evaluate which debts or investments to tackle first.