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Debt payoff calculator

Add each debt with its balance, interest rate and minimum payment, then enter the total you can pay each month. See when you'll be debt-free, which debt gets paid off first, and how the avalanche and snowball methods compare.

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Which debt gets the extra money?

Debt-free in

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Enter at least one debt and your monthly total.

Educational estimate. Assumes no new charges, fixed APRs and monthly interest of APR ÷ 12. Your lenders' terms decide the real numbers.

How this calculator works

  • Every month, interest is added to each debt (APR ÷ 12), then every minimum payment is made first.
  • Whatever is left goes to one target debt: the highest interest rate (avalanche) or the smallest balance (snowball).
  • When a debt is paid off, its payment rolls into the next one, so your monthly total stays the same and the payoff speeds up.
  • If your monthly total is less than your minimums, the calculator tells you how much you're short.

Frequently asked questions

What's the difference between the snowball and avalanche methods?

Avalanche puts extra money toward the debt with the highest interest rate first, which usually saves the most interest. Snowball goes after the smallest balance first, so you pay off individual debts sooner, which some people find more motivating.

Which method is better?

Avalanche usually costs less in interest, but the best method is the one you'll stick with. This calculator shows both so you can see the real difference for your debts.

Should I still pay the minimum on every debt?

Yes. Missing a minimum payment can lead to late fees and can hurt your credit. Both methods pay every minimum first and only move the extra.

What if I can't afford my minimum payments?

Contact your lenders about hardship options, or talk to a nonprofit credit counselor, who can often help for free or at low cost.

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For education only, not financial advice. Calculations run in your browser and your numbers aren't saved or sent anywhere.