Debt payoff calculator
Enter up to 10 debts with their balance, yearly interest rate and minimum payment, plus any extra you can pay each month. The calculator runs the snowball method (smallest balance first) and the avalanche method (highest rate first) and shows when you are debt-free, how much interest you pay and the order the debts disappear.
Runs in your browser: nothing you enter is sent anywhere.
How to use it
- For each debt, enter its balance, annual interest rate and the minimum monthly payment. Name them if you like.
- Use Add debt for more debts (up to 10) and × to remove one.
- Enter the extra amount you can pay on top of the minimums each month. It can be zero.
- Compare the three plans: snowball, avalanche and minimum payments only.
How it works
Every month the calculator does the following for each unpaid debt: it adds interest (balance × APR ÷ 12), pays the minimum, and then spends the rest of the budget on debts in priority order, spilling into the next one when a debt is cleared. The budget is the sum of all starting minimums plus the extra, and stays the same until everything is paid.
- Snowball order: smallest starting balance first.
- Avalanche order: highest APR first.
- Minimum payments only: no extra money and no reuse of freed-up payments, shown as a baseline.
The search stops after 100 years; if something is still owed then, the plan is reported as never finishing.
Worked example
Two debts with no interest: 500 with a 50 minimum and 1,000 with a 50 minimum, and 100 extra a month. The budget is 200 a month. Snowball clears the 500 debt in month 4, then the whole 200 goes to the other one, which is gone in month 8; total paid is 1,500. With minimums alone, the larger debt takes 20 months.
Tips
- Pick what keeps you going. Avalanche saves the most interest, but quick wins from snowball matter to many people.
- Small extras help a lot. Try adding 25 or 50 and see how many months disappear.
- Check your own numbers. Use the minimum from your statement, not an estimate.
- This is not financial advice. Results are estimates based on the figures you enter.
Frequently asked questions
What is the debt snowball method?
You pay the minimum on every debt and put all extra money on the smallest balance. When it is cleared, its payment moves to the next smallest. It gives quick wins, which helps some people keep going.
What is the debt avalanche method?
The same plan, but the extra money goes to the debt with the highest interest rate first. It usually costs the least interest, because the most expensive debt shrinks first. If the smallest debt also has the highest rate, both methods match.
How does the calculator treat payments?
Each month interest at rate ÷ 12 is added to every debt, each debt gets its minimum, and the rest of your budget, which is the total of all minimums plus the extra, goes to the first debt in the chosen order. When a debt is cleared, its minimum stays in the budget.
Why does it say my debts are never cleared?
A minimum below a debt's monthly interest means the balance never falls on its own. With 1,000 at 24%, interest is 20 a month, so a 10 minimum does not help; adding extra money or raising the minimum can fix it.
Does it include new charges, fees or changing rates?
No. It assumes fixed rates, no new borrowing and no fees. Real card statements round interest and may use daily balances, so treat the results as estimates.