Skip to main content

Debt Payoff Calculator

Plan your path to debt freedom with our calculator. Compare Avalanche and Snowball methods to find the best strategy for your situation.

Your debts

No debts added yet

Payoff method

Monthly budget

$

Minimum required

$ 0.00

Extra payment

$ 500.00

Results

Add debts to see your payoff plan

How to Use the Debt Payoff Calculator

This debt payoff calculator helps you create a personalized plan to become debt-free. Compare two proven strategies—Avalanche and Snowball—to find what works best for your situation.

To use the tool:

  1. Add your debts with their current balance, interest rate, and minimum payment
  2. Enter your total monthly budget for debt payments
  3. Choose between Avalanche (highest interest first) or Snowball (lowest balance first)
  4. Review your debt-free date, total interest, and payment schedule
  5. Compare both methods to see which saves more money or pays off debts faster
  6. Create multiple scenarios to test different budget levels

Pro tip: The Avalanche method saves the most money on interest, while the Snowball method provides quicker psychological wins.

library_booksLearn More

Frequently Asked Questions

The debt avalanche method prioritizes paying off debts with the highest interest rate first while making minimum payments on all other debts. Once the highest-rate debt is paid off, you move to the next highest. This method minimizes total interest paid and is mathematically optimal.