Debt Payoff Calculator
Create a debt payoff plan using the avalanche (highest rate first) or snowball (lowest balance first) strategy. Add all your debts, specify an extra monthly payment, and see how long it takes to become debt-free along with the total interest you will pay.
Debt Payoff Calculator
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FAQ
What is the debt avalanche method?
The debt avalanche method prioritizes paying off debts with the highest interest rate first while making minimum payments on all other debts. This method minimizes total interest paid and is mathematically optimal.
What is the debt snowball method?
The debt snowball method prioritizes paying off the smallest balance first, regardless of interest rate. This provides psychological wins by eliminating individual debts quickly, which can help maintain motivation.
How much extra should I pay toward my debt?
Any extra amount helps, but even an additional $50-100 per month can significantly reduce your payoff timeline and total interest paid. Use this calculator to see the impact of different extra payment amounts.