CalcMyFin

Loans & Debt

Debt Payoff Calculator

List your debts and how much extra you can pay each month. We'll simulate both the avalanche and snowball methods side by side, so you can see which gets you debt-free sooner and which saves more interest.

  • Free, no sign-up
  • Private: runs in your browser
  • Updated September 2026

Your debts

NameBalanceAPRMinimum
$
Amount you can pay each month beyond all the minimum payments.

How to use the debt payoff calculator

  1. Add each debt with its balance, APR and minimum payment.
  2. Enter the extra amount you can pay each month on top of the minimums.
  3. Compare the debt-free date and total interest for each method.

How it's calculated

Each month the simulation adds interest to every balance (balance × APR ÷ 12), pays every minimum, then sends all remaining money to one target debt. Avalanche targets the highest APR; snowball targets the smallest balance. When a debt is paid off, its payment rolls into the next target, so your total monthly payment stays the same until you're debt-free.

Example

Say you owe $6,000 on a credit card at 24% APR, $900 on a store card at 18% and $9,000 on a car loan at 7%, and can pay $200 a month beyond the minimums. Avalanche sends the extra $200 to the 24% card first, which cuts the most interest. Snowball clears the $900 store card in a few months for a quick win, then rolls that payment into the next debt. These are the default numbers in the calculator above, so you can see exactly how much the avalanche saves.

Tips

  • Avalanche almost always saves the most interest. Snowball gives faster early wins.
  • The best plan is the one you'll stick with, so pick the method that keeps you motivated.
  • Stop adding new balances while you pay down debt, or the plan can't work.
  • A 0% balance transfer or consolidation loan can speed things up if the fees are low.

Frequently asked questions

Is the avalanche or snowball method better?
Mathematically, avalanche (highest interest first) usually costs less. Snowball (smallest balance first) pays off individual debts sooner, which many people find motivating. Enter your real debts to see how big the difference is for you. Often it's smaller than you'd expect.
What if my payment doesn't cover the interest?
If your total payment is less than the interest charged each month, the balance can never reach zero. The calculator will warn you. Increase the extra payment or look at lowering your rates.
Should I consolidate my debt?
Consolidation can help if the new loan's APR is lower than your current average rate and the fees are small. Use the loan payment calculator to compare.
Does paying off debt raise my credit score?
Lowering credit card balances reduces your credit utilization, which often improves scores. Keep paying on time, since payment history is the biggest factor.
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Sources

This calculator provides educational estimates only and is not financial, tax, legal or investment advice. Results depend on the assumptions you enter; actual terms from lenders, insurers and tax authorities may differ.