Debt Payoff Calculator

How to use this debt payoff calculator

1. Add your debts. For each one, enter a name, the current balance, the APR and the minimum payment. Your latest statement has all four. Use the purchase APR for a credit card, not the cash advance rate.
2. Open the advanced options if a debt needs them. A card on a 0% or low intro offer gets a promo APR and the number of promo months left. If a card’s minimum changes with the balance, switch its minimum payment rule from a fixed amount to a percentage of the balance, or to interest plus a percentage of the balance, and set the floor (the lowest the minimum can go, such as $25).
3. Enter your extra monthly payment. This is what you can pay on top of all the minimums combined.
4. Add one-time lump sums. A tax refund, a bonus or money from a sale goes in as an amount and the month you expect it.
5. Pick a strategy. Snowball, avalanche, custom order or minimums only.
6. Try the goal seek. Choose a month and year you want to be debt-free by, and the calculator finds the extra you would need to pay each month to get there.

What the results mean

Debt-free date

The month and year of your last payment, plus the time from now until then.

Total interest and total paid

Total paid is every payment in the plan, lump sums included. Total interest is total paid minus what you owe today, so the two numbers always reconcile with the schedule.

First debt paid off

How long until the first balance hits $0.

Interest saved vs minimums only

The gap between your plan and paying only the minimums with no extra and no rollover.

Four-strategy comparison

Snowball, avalanche, custom and minimums only, side by side, with the time and interest for each.

Balance-over-time chart

Your total balance falling month by month under the plan you picked.

Payoff order

Each debt in the order it gets paid off, with its payoff month.

Month-by-month schedule

Every payment, the interest charged and the balance left, for each debt. Export it as a CSV file for a spreadsheet, print it, or copy a share link. The share link has an option to hide debt names, so you can show someone the plan without showing who you owe.

Snowball, avalanche, custom or minimums only

All four strategies use the same monthly budget: the sum of your starting minimums plus your extra payment. That budget stays fixed. When a debt is paid off, its minimum doesn’t disappear; it rolls onto the next debt in line. They differ only in which debt gets the extra money first.

Ramsey Solutions teaches the snowball and tells people to ignore interest rates when ordering debts. Avalanche ranks each debt by its regular rate, so a card on a 0% promo is ranked by the rate it goes to after the promo, not the promo rate. Custom suits a loan from a relative or a card you want to close first.

The two main methods are compared in depth in debt snowball vs avalanche.

Worked example: three debts, snowball vs avalanche

Take three debts and add $250 a month on top, for a total monthly budget of $655.00.

Snowball goes after the store card first, then the Visa, then the loan. Avalanche starts with the Visa because 27.99% is the highest rate, then the store card, then the loan. The difference in interest between the two methods is $167.22. Compare that with the minimums-only row to see how much of the saving comes from the extra $250 and the rollover rather than from the order.

A few things that trip people up

A minimum that doesn’t cover the interest. If a debt’s minimum is lower than one month of interest, the balance grows on minimums alone. It still gets paid off once the plan reaches it, but it drags every other number out.

Promo rates that end. Enter the promo APR and the months left. The calculator charges the promo rate for those months and the regular APR after.

New spending. The plan assumes you stop adding to these balances. New charges push the date back. Credit card statements make the same assumption in their minimum payment warning.

How we calculate this

Each month the calculator adds interest at the APR divided by 12, rounded to the cent, then pays every minimum, then sends the rest of your budget to the target debt. When a debt is paid off mid-month, the leftover goes to the next debt that same month, and the final payment on each debt is exactly what’s left, interest included. Card issuers usually charge a daily periodic rate on your average daily balance, so a real statement can differ from these figures by a few dollars. The full rules and test cases are on the methodology page.

FAQ

How does a debt payoff calculator work?

It simulates your debts one month at a time. Each month it adds interest at the APR divided by 12, pays every minimum, then puts the rest of your budget on one target debt. When that debt reaches $0, its minimum rolls to the next one. The month the last balance hits zero is your debt-free date.

Is the debt snowball or avalanche method better?

Avalanche usually costs less interest because it attacks the highest rate first. Snowball clears small balances sooner, and some people stick with a plan longer when they see debts disappear. The gap is often small. Run your own debts through the comparison table above and see how many dollars separate the two before you choose.

How much extra do I need to pay to be debt-free by a certain date?

Use the goal seek. Pick the month and year you want to finish, and the calculator searches for the smallest extra monthly payment that clears every debt by then. If no amount works, the date is too close for your balances. Moving the date out a few months usually brings the number down.

Why doesn’t my statement match the calculator exactly?

Many card issuers charge a daily periodic rate on your average daily balance for each day in the billing cycle. This calculator uses the APR divided by 12 for every month, which federal rules allow for statement estimates. The difference is usually a few dollars a month, so treat the dates and totals as close estimates.

Should I include my mortgage in the plan?

You can, but most snowball and avalanche plans leave it out. Ramsey Solutions’ version covers all debt except your house. A mortgage has a low rate and a huge balance, so it lands last under either method anyway. The mortgage payoff calculator handles extra mortgage payments on their own.

Is my information saved or sent anywhere?

The calculator runs in your browser and your numbers never leave your device. There is no account and no email sign-up. If you create a share link, the plan is stored inside the link itself, and you can hide the debt names before you send it to anyone.