Debt Payoff Calculator
Compare two common debt payoff strategies using your actual balances, APRs and minimum payments. See how an extra monthly payment may change your debt-free timeline.
Use Debt Payoff Simulator →How our calculator estimates workWhat the debt payoff simulator does
The simulator applies monthly interest to each debt, accounts for minimum payments, and directs available extra money according to the strategy you select. Snowball prioritizes smaller balances; avalanche prioritizes higher interest rates.
Information you can enter
- Debt name, current balance and APR
- Minimum monthly payment for each debt
- Snowball or avalanche strategy and optional extra monthly payment
How to use it
- Add each debt with its balance, APR and minimum payment.
- Choose a payoff strategy and the extra amount you can consistently pay each month.
- Compare the estimated payoff timeline, total interest and per-debt results.
What can change the result
Higher-rate balances generate more interest, which is why avalanche often reduces total interest.
If minimum payments are too small relative to interest, a balance can fall slowly or even grow.
Consistent extra payments can shorten payoff time because more money reaches principal sooner.
Frequently asked questions
What is the debt snowball method?
Snowball directs extra money toward the smallest balance first, then rolls that freed payment into the next debt.
What is the debt avalanche method?
Avalanche directs extra money toward the highest APR first, which generally aims to minimize interest cost.
Why can my real payoff date be different?
Minimum payment formulas, changing rates, fees, late payments and new purchases can all change the real-world result.