📉
Debt Payoff Calculator
Create a debt payoff plan using the snowball or avalanche method. See exactly when you'll be debt-free and how much interest you'll save with extra payments.
Your Debts
$
%
$
$
%
$
$
%
$
Total Debt
$23,000
Total Min. Payments
$525/mo
Avg. Interest Rate
11.0%
$
Amount above minimum payments to accelerate payoff
Your Payoff Plan
Debt-Free In
3y 6m
Monthly Payment$725
Total Interest$3,850
Payoff Order
1. Credit Card 12. Credit Card 23. Car Loan
Strategy Comparison
AvalancheSelected
Time
3y 6m
Interest
$3,850
Snowball
Time
3y 7m
Interest
$4,296
Avalanche saves $446 in interest
Debt Payoff Tips
- •Avalanche saves more money but requires discipline
- •Snowball provides quick wins that keep you motivated
- •Build a small emergency fund first to avoid new debt
- •Consider balance transfer cards to reduce interest on credit card debt
Related Calculators
How to Use This Debt Payoff Calculator
This free debt payoff calculator helps you make informed financial decisions. Simply enter your values above and see your results instantly - no signup required.
Why Use Our Calculator?
- •Instant Results: See calculations update in real-time as you adjust values
- •Visual Charts: Understand your finances with interactive visualizations
- •Mobile Friendly: Works perfectly on any device
- •100% Free: No hidden fees or signup required