Debt Payoff Calculator
Quick Start: Enter the total amount of debt balance and rate and observe the impact of entering different monthly payment amounts.
Full Analysis: Compare the debt snowball and debt avalanche strategies to better understand each approach. See a side-by-side comparison of total interest, payoff timeline, and the order each debt gets eliminated.
Inputs
Debt-Free Date
Nov 2030
Time-to-Payoff
4.75 Yrs (4y 9m)
Balance Over Time
Your Debts
Payment Settings
Amount beyond minimum payments
Bonuses, tax refunds, etc.
No one-time payments added.
Debt Snowball
Pay smallest balances first for quick psychological wins
Time to Debt-Free
4y 4m
Jun 2030
Total Interest
$6,396
Total Paid
$30,096
First Debt Paid Off
Credit Card 1(1y 3m)
Debt Avalanche
Pay highest interest rates first to minimize total interest
Time to Debt-Free
3y 4m
Jun 2029
Total Interest
$5,363
Total Paid
$29,063
First Debt Paid Off
Credit Card 1(1y 3m)
Total Debt
$23,700
Interest Difference
$1,033 less with Avalanche
Time Difference
12 mo (Avalanche faster)
Observation
Avalanche yields lower total interest
The avalanche method pays $1,033 less in total interest. The snowball method eliminates individual debts sooner, which some borrowers find motivating.
Total Debt Over Time
Compares remaining balance under each repayment strategy.
Payoff Timeline by Debt
Shows how long each debt takes to pay off under each strategy.
Snowball Payoff Order
- 1Credit Card 1May 2027
- 2Car LoanAug 2028
- 3Credit Card 2May 2030
Avalanche Payoff Order
- 1Credit Card 1May 2027
- 2Car LoanMay 2029
- 3Credit Card 2May 2029
Monthly Breakdown
| Month | Date | Balance | Total Paid | Interest Paid | Debts Left |
|---|---|---|---|---|---|
| 1 | Mar 2026 | $23,172 | $790 | $262 | 3 |
| 12 | Feb 2027 | $16,939 | $9,480 | $2,719 | 3 |
| 24 | Feb 2028 | $9,901 | $18,360 | $4,561 | 2 |
| 36 | Feb 2029 | $4,655 | $24,855 | $5,810 | 1 |
| 48 | Feb 2030 | $838 | $29,235 | $6,373 | 1 |
Understanding the Strategies
Debt Snowball
Pay minimum on all debts, then put extra money toward the smallest balance first. When that's paid off, roll that payment into the next smallest.
Quick wins build motivation and simplify finances faster by eliminating accounts. May pay more in total interest compared to the avalanche method.
Debt Avalanche
Pay minimum on all debts, then put extra money toward the highest interest rate first. When that's paid off, roll that payment into the next highest rate.
Mathematically optimal for minimizing total interest paid. May take longer to see progress if high-rate debts are also high-balance.
About This Analysis
This calculator provides estimates based on the inputs you supply. It assumes standard amortization and does not account for taxes, insurance, PMI, prepayment penalties, or the opportunity cost of funds. Results are for informational and educational purposes only and should not be considered financial advice. Consult a qualified professional before making financial decisions.
- ·Assumes fixed interest rates throughout the repayment period.
- ·Does not account for potential late fees, rate changes, or new charges.
- ·Minimum payments are assumed to remain constant.
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Also Consider
Quick Reference
- Average Credit Card APRsBy card type (rewards, store, secured)
- Credit Score RangesFICO vs VantageScore, what each range means
- Balance Transfer TermsHow 0% intro APR works, typical terms and fees
- Debt-to-Income GuidelinesWhat lenders want for mortgages, auto, personal loans
- Statute of Limitations by StateHow long debt can be legally collected
Insights
8 calculators · 5 reference pages