Debt Payoff Calculator
Estimate how long it may take to pay off multiple debts and how much interest you could pay using snowball, avalanche, or custom extra payments.
How debt payoff calculators work
This calculator simulates your debts month by month. Each month it adds interest (based on APR), applies your minimum payments, and then applies any extra payments depending on your chosen strategy.
Debt snowball vs avalanche
The snowball method focuses on paying off the smallest balance first, which can be motivating. The avalanche method focuses on the highest APR first, which often saves the most interest.
How extra payments reduce interest
Extra payments reduce principal faster, which reduces the interest charged in future months. Even small extra payments can meaningfully shorten payoff time.
Frequently Asked Questions
Quick answers about debt payoff strategies.
What is a debt payoff calculator?
A debt payoff calculator estimates how long it may take to pay off debts and how much interest you might pay, based on balances, APRs, and payments.
What is the debt snowball method?
Snowball pays extra toward the smallest balance first. When a debt is paid off, its payment rolls into the next debt.
What is the debt avalanche method?
Avalanche pays extra toward the highest APR first. This often minimizes total interest compared to other strategies.
How can I pay off debt faster?
Pay more than the minimum, reduce interest rates where possible, and avoid adding new debt. Extra monthly payments typically reduce payoff time.
Does making extra payments reduce interest?
Yes. Extra payments reduce principal faster, which reduces interest charged in future months.
Disclaimer
This calculator provides estimates for informational purposes only. Actual interest calculations, fees, and payment rules can vary by lender and account terms.