Debt Payoff Calculator

Need context? Read our debt and loan payoff guide for assumptions and strategy.

Read the guide
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Debt payoff strategy guide

Compare the avalanche and snowball methods and see how extra payments change your payoff timeline. The projection assumes steady payments and stable interest rates.

Method choice

Avalanche prioritizes high rates for maximum savings. Snowball prioritizes quick wins to build momentum.

Extra payments

Even small monthly extras can reduce total interest and shorten the payoff period.

Minimum payments

Keep minimum payments current on every debt while focusing extra money on one target.

How the calculator works

  • Calculates monthly interest on each balance.
  • Applies minimum payments across all debts.
  • Directs extra payments to the priority debt based on your chosen method.

Choosing a payoff method

  • Avalanche saves the most interest over time.
  • Snowball can improve motivation by clearing small balances sooner.
  • You can switch methods if your needs change.

Before you accelerate payoff

  • Keep a basic cash buffer for unexpected expenses.
  • Check for prepayment penalties or promotional terms.
  • Avoid adding new high-interest debt while paying down balances.
Results are estimates. Interest rates and minimum payments can change based on lender policies or promotional terms.

Debt payoff calculator FAQ

Which payoff method saves the most interest?

The avalanche method typically saves the most interest because it prioritizes the highest rates first. The snowball method can help with motivation by paying off smaller balances earlier.

Should I build an emergency fund before paying extra?

Many people set aside a small cash buffer for unexpected expenses before accelerating debt payoff, so they do not rely on new debt when surprises occur.

Do balance transfers or consolidation loans help?

They can help if the effective rate and fees are lower than your current debt, and if the repayment terms fit your budget. Always compare total cost.

Why does my payoff time change?

Payoff time changes when you adjust extra payments, interest rates, or add new debts. The calculator assumes steady payments and rates.