Debt Payoff Calculator
Create a debt payoff plan using the avalanche or snowball method. See how extra payments can accelerate your path to debt freedom.
Pay highest interest rate first (saves most money)
Enter your debts to see your payoff timeline.
How It Works
This calculator simulates paying off your debts month by month. The avalanche method targets highest-interest debt first, minimizing total interest paid. The snowball method targets smallest balances first, providing psychological wins that keep you motivated.
Frequently Asked Questions
Which method is better: avalanche or snowball?
Avalanche saves more money on interest. Snowball provides faster wins that keep many people motivated. The best method is the one you'll stick with. If motivation is a concern, snowball might be better despite costing slightly more.
How much extra should I pay?
Any extra helps. Even $50-100 extra per month can significantly reduce your payoff time. Look at your budget for subscriptions or expenses to cut. Some people use tax refunds, bonuses, or side income for extra debt payments.
Should I save or pay off debt?
Generally, keep a small emergency fund ($1,000-2,000) then focus on high-interest debt. If your debt interest rate exceeds what you'd earn investing, paying debt gives better returns. Low-interest debt (under 5-6%) might warrant investing instead.