Calculator
Debt Payoff Calculator
Enter as many debts as you like and see how long until you're debt-free, what it costs in interest, and which debt to attack first. Uses the avalanche method — highest interest rate first — which minimizes the total interest you pay.
Your payoff plan
Fill in your debts below, then press Calculate to see your plan.
Your debts
List every debt you owe, with the minimum payment your statement actually requires. Add a row for each one — there's no limit.
The plan uses the avalanche method: minimums are paid on everything, then every spare dollar attacks the highest interest rate first. That ordering is what minimizes the total interest you pay.
Use it wisely: sort out the highest APR, not the smallest balance. Clearing a small cheap debt first feels good but costs more overall.
Extra payments
Anything you can pay above the minimums. Every extra dollar is aimed at your highest-rate debt.
Use it wisely: a small monthly extra beats a large one-off, because it compounds against the balance every single month. Try raising it by $50 and watch the total interest fall.
The yearly amount is applied every 12th month — handy for a bonus or tax refund. The one-time amount lands in whichever month you choose.
Advanced
Controls what happens to a payment once its debt is gone.
Yes — the freed-up money rolls onto the next debt, so your total monthly outlay stays the same until everything is clear. This is the snowball roll-over and it is dramatically faster.
No — you simply stop paying that amount, so your monthly outlay shrinks as each debt clears. More breathing room now, materially more interest overall.
Use it wisely: keep this on Yes unless you genuinely need the cashflow back.
For educational purposes only. Results are estimates and do not constitute financial, tax, or legal advice. Consult a qualified professional before making any financial decisions.
How to use it
Add a row for every debt you owe, with the minimum payment your statement requires. Then put whatever you can spare into Extra payments — that is the number that actually changes the outcome.
Press Calculate for your plan, or flip on Real-Time Calculation to have it update as you type. Hover the ? beside any section for what it does and how to use it wisely.
Try raising the monthly extra by $50: the drop in total interest is usually far larger than people expect.
Assumptions
- Spare money goes to the highest APR first (the avalanche method), after every debt's minimum is covered.
- Interest is applied monthly at APR ÷ 12. Lenders usually compound daily on an average balance, so real statements land close to these figures but rarely match to the cent.
- Assumes no new borrowing, no fees, and that you keep making every payment. The yearly extra is applied every 12th month.
- A debt's final payment is only whatever is left, so it is often smaller than the others.