Finance · free · no sign-up
Debt Payoff Calculator
Plan how fast you can become debt free. Enter your total balance, the average interest rate and what you can pay each month, and add a one-time lump sum to see how much time and interest it saves.
Debt Payoff Calculator
Plan your journey to financial freedom using the Snowball or Avalanche method
0
Months to Debt Freedom
With consistent monthly payments
Total Interest Paid
$0
Freedom Date
N/A
Principal Paid
$0
Debt Free Countdown
A payoff plan turns "someday debt-free" into a date. This calculator takes your debts and the total you can pay each month, applies a payoff order, and shows your debt-free date and the interest you save versus minimum payments.
How to use this calculator
- Enter each debt: balance, APR and minimum payment.
- Add the extra amount you can pay beyond the minimums.
- Choose a payoff order: highest rate first (avalanche) or smallest balance first (snowball).
- Press calculate to see the plan, the date and the interest saved.
Avalanche vs snowball
Avalanche saves the most money; snowball clears whole debts sooner, which keeps some people going. The best plan is the one you will still be following in month six — the calculator lets you compare both honestly.
Frequently asked questions
How much difference does an extra payment make?
On typical card balances, even a modest extra monthly amount can cut the payoff time by a third and save a large share of the interest. The calculator shows your exact figures.
Should I keep an emergency fund while paying debt?
Keep a small starter fund (about one month of essentials) so a surprise expense does not go straight back onto a card; then direct the rest at the debts.
What order should I enter debts in?
Any order — the calculator sorts them by your chosen strategy. List every balance, including store cards and loans, for a true date.