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Debt Payoff Calculator

See how long it could take to become debt-free and compare two popular payoff strategies. Enter your debts, choose how much extra you can put toward them each month, and see whether the debt snowball or debt avalanche could work better for you.

Your Debts

Add each debt you want to include in your payoff plan. Enter the current balance, interest rate, and minimum monthly payment.

Note about mortgages: This calculator is designed for consumer debts such as credit cards, personal loans, auto loans, student loans, and similar obligations. Mortgages are generally better evaluated separately because of their longer terms, amortization, and other costs. Use our Mortgage Calculator to explore your home loan.
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Choose Your Payoff Strategy

Select how you want the calculator to prioritize your debts, then enter any extra amount you can put toward debt each month.

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Enter the amount you can pay each month in addition to all required minimum payments.

Understanding Your Results

Debt Snowball focuses on paying off your smallest balance first. As each debt is eliminated, its payment is rolled into the next debt. This approach can give you quicker wins and help build momentum.

Debt Avalanche focuses on paying off the debt with the highest interest rate first. This approach is designed to reduce interest costs over time.

Try both strategies above. Your debt balances and payment information will stay in place, making it easy to compare the payoff order, estimated debt-free date, and total interest for each approach.

The best payoff strategy is the one you can consistently follow. A mathematically efficient plan doesn’t help much if it’s too difficult to stick with month after month.

For educational purposes only. This calculator provides estimates based on the balances, interest rates, payments, and other information you enter. Actual payoff dates and interest costs may differ because of payment timing, changing interest rates, fees, lender calculations, and other factors. This tool is not financial, legal, tax, or credit advice.