Health Tool
Debt Payoff Calculator
Add multiple debts and see exactly when you will be debt-free. The snowball method targets the smallest balance first for quick psychological wins.
Your debts
Debt-free projection
Debt-free in
3y 8m
Total interest
$3,239
Total paid
$28,239
Debts paid off
3/3
Payoff order
1
Credit Card
Paid off in month 17
2
Student Loan
Paid off in month 42
3
Car Loan
Paid off in month 44
Debt balance over time
M1
$24,433
M2
$23,859
M3
$23,280
M4
$22,694
M5
$22,102
M6
$21,504
M7
$20,899
M8
$20,288
M9
$19,671
M10
$19,046
M11
$18,415
M12
$17,777
M13
$17,132
M14
$16,481
M15
$15,821
M16
$15,155
M17
$14,677
M18
$14,149
M19
$13,619
M20
$13,086
M21
$12,550
M22
$12,012
M23
$11,471
M24
$10,927
M25
$10,381
M26
$9,832
M27
$9,281
M28
$8,727
M29
$8,170
M30
$7,610
M31
$7,048
M32
$6,483
M33
$5,915
M34
$5,345
M35
$4,771
M36
$4,195
M37
$3,616
M38
$3,035
M39
$2,450
M40
$1,863
M41
$1,272
M42
$751
M43
$255
M44$0
Credit Card
Car Loan
Student Loan
How to use this calculator
- 1
List all your debts
Add each debt with its balance, interest rate, and minimum payment.
- 2
Choose your strategy
Pick Snowball (smallest balance first) or Avalanche (highest rate first).
- 3
Set extra monthly payment
Enter how much extra you can pay each month toward debt.
- 4
Track your progress
Watch the visual chart show your path to becoming debt-free.
Frequently asked questions about Debt Payoff Calculator
- What is the debt snowball method?
- Pay minimums on all debts, then put extra money toward the smallest balance first. Once paid off, roll that payment into the next smallest.
- Snowball vs. avalanche?
- Snowball targets smallest balance first for motivation, while avalanche pays the highest interest debt first to minimize interest costs.
- Which debt payoff strategy saves the most money?
- The avalanche method usually saves the most money because it prioritizes the highest interest rates first.
- Why do people prefer the snowball method?
- Many people stay motivated by eliminating smaller debts quickly and seeing visible progress.
- Should I make extra debt payments?
- Yes. Extra payments reduce your principal balance faster and can significantly shorten your payoff timeline.
- Can I include credit cards and loans?
- Yes. The calculator works with credit cards, personal loans, student loans, and most other debts.
- Should I save or pay off debt first?
- Many financial experts recommend building a small emergency fund before aggressively paying off debt.
- How long will it take to become debt-free?
- The payoff timeline depends on your balances, interest rates, minimum payments, and any additional monthly payments.
- Does paying more than the minimum help?
- Yes. Paying more than the minimum reduces interest charges and shortens your repayment period.
- Can this calculator compare payoff methods?
- Yes. You can compare different strategies such as the snowball and avalanche methods to see their impact.