Rolling every freed-up payment into the next debt is what makes snowball and avalanche plans so effective: your total monthly payment stays the same while the debts disappear one by one. Everything is calculated in your browser, so nothing you type is sent to our server.
How to use the Debt Payoff Calculator
- Number of debts
- Debt 1 – balance
- Debt 1 – interest rate
- Debt 1 – minimum payment
- Debt 2 – balance
- Debt 2 – interest rate
- Debt 2 – minimum payment
- Debt 3 – balance
- Debt 3 – interest rate
- Debt 3 – minimum payment
- Debt 4 – balance
- Debt 4 – interest rate
- Debt 4 – minimum payment
- Debt 5 – balance
- Debt 5 – interest rate
- Debt 5 – minimum payment
- Debt 6 – balance
- Debt 6 – interest rate
- Debt 6 – minimum payment
- Extra monthly payment
- Payoff method
- Consolidation loan rate (to compare)
- Consolidation loan term
- Consolidation loan fee
Everything runs in your browser, so results appear instantly and nothing you type is sent to a server.
How it works
Choose how many debts you have and enter each balance, rate and minimum payment, your extra monthly payment and the payoff method; optionally compare a consolidation loan.
Tips
- Compare loans by APR and total cost, not just the monthly payment.
- Extra payments go straight to principal and can save a lot of interest.
- Pay off the highest-rate debt first if you want to save the most money.
- Check for prepayment penalties before paying a loan off early.
Common mistakes to avoid
- Stretching a loan term to lower the payment without seeing the extra interest.
- Paying only the minimum on credit cards.
- Forgetting fees that are rolled into the loan.
Formula
Each month every debt gets its minimum payment; the extra payment (plus minimums freed up by debts already repaid) goes to the target debtSnowball target = smallest balance; avalanche target = highest interest rateInterest each month = balance × rate ÷ 12Consolidation: one loan with payment = (total + fee) × i ÷ (1 − (1 + i)^−n)Worked example
Inputs — Number of debts: 3; Debt 1 – balance: $2,500; Debt 1 – interest rate: 12 %; Debt 1 – minimum payment: $75; Debt 2 – balance: $6,000; Debt 2 – interest rate: 24 %; Debt 2 – minimum payment: $150; Debt 3 – balance: $12,000; Debt 3 – interest rate: 8 %; Debt 3 – minimum payment: $250; Debt 4 – balance: $3,000; Debt 4 – interest rate: 12 %; Debt 4 – minimum payment: $60; Debt 5 – balance: $1,500; Debt 5 – interest rate: 27 %; Debt 5 – minimum payment: $40; Debt 6 – balance: $8,000; Debt 6 – interest rate: 6 %; Debt 6 – minimum payment: $180; Extra monthly payment: $200; Payoff method: Debt avalanche – highest rate first; Consolidation loan rate (to compare): 11 %; Consolidation loan term: 48 months; Consolidation loan fee: $300.
Results — Total debt = $20,500; Total minimum payments = $475; Monthly payment budget = $675; Months to be debt-free = 36; Total interest = $3,795.35; Total paid = $24,295.35.
Frequently asked questions
Which is better, snowball or avalanche?
Avalanche saves the most interest; snowball gives faster wins that keep many people motivated.
How much extra should I pay?
Any amount helps – even $50 a month can cut years off.
Should I consolidate my debts?
Only if the new loan's rate and fees are lower and you stop adding new debt.
What formula does the Debt Payoff Calculator use?
Each month every debt gets its minimum payment; the extra payment (plus minimums freed up by debts already repaid) goes to the target debt.