Debt payoff calculator: find a repayment plan that fits your budget
When you’re paying several debts at once, it can be hard to tell whether you’re making progress. Balances move slowly, interest keeps adding up, and it isn’t obvious which debt deserves your extra money. Laying out a plan, with a debt-free date and a clear order, can make the path visible and help you choose an approach you can stick with.
Debt payoff calculator
- Debt-free in
- –
- Total interest
- –
- Paying each month
- –
| Payoff order | Paid off after | Interest on this debt |
|---|
Interest is calculated monthly at each APR. Every month you pay all minimums; the extra amount, and each minimum freed up when a debt is paid off, goes to the next debt in order. Fees, promotional rates and changes to minimum payments are not included. Everything here runs in your browser; nothing you enter is stored or sent.
What this calculator can help you understand
- When you could be debt-free, with all minimum payments plus any extra amount.
- How much interest you’d pay along the way.
- In what order your debts would be paid off, and when each one would be cleared.
- How the avalanche and snowball methods compare for your debts, and what paying only the minimums would mean.
When it’s useful
- When you have more than one debt and aren’t sure where to send extra money.
- When you can find a little more each month, to see what each extra dollar does.
- When considering consolidation, to compare your current plan with a single new loan.
- When a balance seems stuck, to see how much of each payment goes to interest.
Who it’s for
- People with several credit cards, store cards or personal loans.
- Anyone deciding between the snowball and avalanche methods.
- Couples working on shared debt, who want one plan they both understand.
What to enter
| Input | What it means | Where to find it |
|---|---|---|
| Debt name | A label, such as “Visa” or “Car loan” | Anything that helps you recognize it |
| Balance | What you owe today | Your latest statement or online account |
| APR | The annual percentage rate charged on the balance | Your statement or loan agreement |
| Minimum payment | The least you must pay each month | Your statement |
| Extra each month | What you can pay beyond all the minimums | Your budget |
| Which debt gets the extra first | Highest APR (avalanche) or smallest balance (snowball) | Your choice |
How to use it
- Enter each debt: name, balance, APR and minimum payment. Use Add a debt for more rows, and Remove for any you don’t need.
- Enter the extra amount you can pay each month beyond the minimums.
- Choose a method: highest APR first or smallest balance first.
- Read your debt-free date and total interest first.
- Check the payoff order and when each debt would be cleared.
- Switch methods, or change the extra amount, to compare.
Understanding your results
- Debt-free in is how long until every balance reaches zero.
- Total interest is all interest charged across your debts until then.
- Paying each month is your total monthly budget: all minimums plus the extra.
- Payoff order lists when each debt would be cleared and the interest it would cost.
- The comparison shows how the other method, and minimum payments alone, would compare.
What it doesn’t show: fees, promotional rates that expire, minimum payments that shrink as balances fall, or new borrowing.
A worked example
Suppose you have three debts and can pay $200 a month beyond the minimums:
- Credit card: $6,000 at 24% APR, $150 minimum
- Store card: $1,200 at 18% APR, $40 minimum
- Car loan: $9,000 at 6.5% APR, $250 minimum
Your total monthly budget is $640.
- Avalanche (highest APR first): you’d pay off the Credit card, then Store card, then Car loan, be debt-free in 2 years, 6 months, and pay $2,656 in interest. The first debt, the credit card, would be cleared in 1 year, 10 months.
- Snowball (smallest balance first): you’d pay off the Store card, then Credit card, then Car loan, be debt-free in 2 years, 6 months, and pay $2,768 in interest. The first debt, the store card, would be gone in just 6 months.
- Minimums only: 4 years, 3 months and $6,147 in interest. The extra $200 a month saves $3,492.
- What it means: here, the avalanche method saves $113, while the snowball method delivers an early win. Both finish at about the same time, so the choice comes down to whether saving interest or seeing a debt disappear sooner matters more to you.
How the result changes
The same three debts, avalanche method, with different extra amounts:
| Extra each month | Debt-free in | Total interest |
|---|---|---|
| $0 | 4 years, 3 months | $6,147 |
| $100 | 3 years, 1 month | $3,674 |
| $200 | 2 years, 6 months | $2,656 |
| $400 | 1 year, 10 months | $1,773 |
Every extra dollar shortens the timeline, and the earliest dollars save the most interest because they reduce the most expensive balances first.
Common mistakes
- Using the wrong rate. Use each debt’s APR, not a promotional rate that’s about to end. If a 0% offer expires, enter the rate that will apply afterward.
- Assuming minimums stay the same. Credit card minimums usually fall as balances fall. If you keep paying the same amount instead, you’ll finish sooner than paying only what’s required.
- Adding new balances. The plan assumes no new borrowing on these debts.
- Leaving no cushion. Without savings, one surprise expense can go straight back onto a card. A small emergency fund alongside your plan can protect your progress.
What to do with your result
- Pick a method and an extra amount you can sustain, and set up automatic payments for the minimums.
- For a single credit card, the credit card payoff calculator shows the payment needed to be debt-free by a specific date.
- If you’re considering a consolidation loan, enter it in the loan calculator and compare its total interest with your current plan.
- Consider asking your card issuer about a lower rate. If you’re struggling to keep up, nonprofit credit counseling agencies can help you review your options.
Limitations to keep in mind
This is a simulation based on the balances, rates and payments you enter. It calculates interest monthly, assumes fixed minimums and no new charges or fees, and doesn’t model promotional rates, income-driven student loan plans or tax effects. It’s an estimate to help you compare options, not a lender’s payoff quote or financial advice.
Frequently asked questions
What’s the difference between the avalanche and snowball methods?
Both pay the minimum on every debt and put extra money toward one debt at a time. The avalanche method targets the highest interest rate first, which usually costs the least interest. The snowball method targets the smallest balance first, which clears individual debts sooner and can help you stay motivated.
Which method is better?
The avalanche method saves the most interest when everything else is equal. In our example it saves $113, while the snowball method clears its first debt in 6 months instead of 1 year, 10 months. The best plan is the one you’ll keep following.
What happens when a debt is paid off?
Its minimum payment doesn’t disappear from your budget; it rolls over to the next debt in line. That’s why progress speeds up over time.
Should I include my mortgage or student loans?
You can include any debt, but many people focus on high-interest consumer debt first, such as credit cards, while paying low-rate debts on schedule. Federal student loans also have repayment options, such as income-driven plans, that this calculator doesn’t model.
What if my plan says I’ll never pay it off?
That means at least one balance grows faster than you’re paying it down, usually because a payment barely covers the interest. Increasing the extra amount, or asking the lender about a lower rate or a hardship program, can change that.
Does debt consolidation help?
It can, if a consolidation loan or balance transfer offers a lower overall cost after fees and you avoid building new balances. Try entering the consolidated loan as a single debt to compare the total interest.
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This calculator gives estimates for illustration, based on the figures you enter and the assumptions described on this page. It isn’t financial, tax or legal advice, an offer, or a guarantee of any outcome.