Debt Payoff Calculator

Compare different debt payoff methods to find the best debt repayment strategy for you

Step 1

Input your debts and their interest rates to see your complete financial picture

Step 2

Enter how much extra you can afford to pay above your monthly minimum payments

Step 3

Compare strategies to find the best approach for paying off your debt faster

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Extra Monthly Payment

Debt Type	Debt Name (optional)	Balance ($)	Interest Rate (%)	Minimum Payment ($)	Actions

With this input, you are committing to paying $1,400 per month to pay off your debts

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Results Comparison

Both methods cost the same in interest

Method	Time to Pay Off	Total Interest	Best For
Debt Snowball	1 years, 5 months	$1,242	Staying motivated with quick wins
Debt Avalanche	1 years, 5 months	$1,242	Minimizing interest paid

Using the debt snowball method, you will pay off $20,000 of debt in 1 years and 5 months, paying a total of $1,242 in interest.

Your starting monthly payment is $1,400.

Payment Order	Debt	Starting Balance	Interest Rate	Total Interest Paid	Monthly Payment
Current Focus	💳 Credit Card - Credit Card	$5,000	20.5%	$251	$1,100 (Min: $100 + Extra: $1,000)
2	🚗 Car Loan - Car Loan	$15,000	7.5%	$992	$300
	Total	$20,000		$1,242	$1,400

View detailed payment breakdown over time

Month	Total Balance	Total Payment	Total Interest	Focus Debt	Extra Payment	Paid Off
1 (Starting)	$20,000	$1,400	$179	💳 Credit Card - Credit Card Focus	$1,000	-
2	$18,779	$1,400	$161	💳 Credit Card - Credit Card Focus	$1,000	-
3	$17,540	$1,400	$142	💳 Credit Card - Credit Card Focus	$1,000	-
4	$16,281	$1,400	$122	💳 Credit Card - Credit Card Focus	$1,000	-
5	$15,004	$1,400	$103	💳 Credit Card - Credit Card Focus	$1,000	💳 Credit Card - Credit Card
6	$13,956	$1,300	$87	🚗 Car Loan - Car Loan Focus	$1,000	-
7	$12,743	$1,300	$80	🚗 Car Loan - Car Loan Focus	$1,000	-
8	$11,523	$1,300	$72	🚗 Car Loan - Car Loan Focus	$1,000	-
9	$10,295	$1,300	$64	🚗 Car Loan - Car Loan Focus	$1,000	-
10	$9,059	$1,300	$57	🚗 Car Loan - Car Loan Focus	$1,000	-
11	$7,816	$1,300	$49	🚗 Car Loan - Car Loan Focus	$1,000	-
12 (Year 1)	$6,564	$1,300	$41	🚗 Car Loan - Car Loan Focus	$1,000	-

Year	Starting Balance	Ending Balance	Total Payments	Total Interest	Principal Paid	Focus Debt	Debts Paid Off
Year 1	$20,000	$5,305	$16,100	$1,156	$14,695	💳 Credit Card - Credit Card Focus 🚗 Car Loan - Car Loan	💳 Credit Card - Credit Card (Month 5)
Year 2	$5,305	$	$6,500	$86	$5,305	🚗 Car Loan - Car Loan Focus	🚗 Car Loan - Car Loan (Month 17)

Using the debt snowball method, you'll pay off your debts in this order:

Order	Debt	Starting Balance	Interest Rate	Monthly Payment
1	💳 Credit Card - Credit Card	$5,000	20.5%	$1,100
2	🚗 Car Loan - Car Loan	$15,000	7.5%	$300

Using the debt avalanche method, you will pay off $20,000 of debt in 1 years and 5 months, paying a total of $1,242 in interest.

Your starting monthly payment is $1,400.

Payment Order	Debt	Starting Balance	Interest Rate	Total Interest Paid	Monthly Payment
Current Focus	💳 Credit Card - Credit Card	$5,000	20.5%	$251	$1,100 (Min: $100 + Extra: $1,000)
2	🚗 Car Loan - Car Loan	$15,000	7.5%	$992	$300
	Total	$20,000		$1,242	$1,400

View detailed payment breakdown over time

Month	Total Balance	Total Payment	Total Interest	Focus Debt	Extra Payment	Paid Off
1 (Starting)	$20,000	$1,400	$179	💳 Credit Card - Credit Card Focus	$1,000	-
2	$18,779	$1,400	$161	💳 Credit Card - Credit Card Focus	$1,000	-
3	$17,540	$1,400	$142	💳 Credit Card - Credit Card Focus	$1,000	-
4	$16,281	$1,400	$122	💳 Credit Card - Credit Card Focus	$1,000	-
5	$15,004	$1,400	$103	💳 Credit Card - Credit Card Focus	$1,000	💳 Credit Card - Credit Card
6	$13,956	$1,300	$87	🚗 Car Loan - Car Loan Focus	$1,000	-
7	$12,743	$1,300	$80	🚗 Car Loan - Car Loan Focus	$1,000	-
8	$11,523	$1,300	$72	🚗 Car Loan - Car Loan Focus	$1,000	-
9	$10,295	$1,300	$64	🚗 Car Loan - Car Loan Focus	$1,000	-
10	$9,059	$1,300	$57	🚗 Car Loan - Car Loan Focus	$1,000	-
11	$7,816	$1,300	$49	🚗 Car Loan - Car Loan Focus	$1,000	-
12 (Year 1)	$6,564	$1,300	$41	🚗 Car Loan - Car Loan Focus	$1,000	-

Year	Starting Balance	Ending Balance	Total Payments	Total Interest	Principal Paid	Focus Debt	Debts Paid Off
Year 1	$20,000	$5,305	$16,100	$1,156	$14,695	💳 Credit Card - Credit Card Focus 🚗 Car Loan - Car Loan	💳 Credit Card - Credit Card (Month 5)
Year 2	$5,305	$	$6,500	$86	$5,305	🚗 Car Loan - Car Loan Focus	🚗 Car Loan - Car Loan (Month 17)

Using the debt avalanche method, you'll pay off your debts in this order:

Order	Debt	Starting Balance	Interest Rate	Monthly Payment
1	💳 Credit Card - Credit Card	$5,000	20.5%	$1,100
2	🚗 Car Loan - Car Loan	$15,000	7.5%	$300

Understanding Debt Payoff Methods

There are two popular methods for paying off multiple debts. Each has its advantages:

Debt Snowball Method: Pay off debts from smallest to largest balance.
- Pros: Quick wins keep you motivated
- Cons: May pay more in interest
- Best for: Those who need motivation to stick with it
Debt Avalanche Method: Pay off debts from highest to lowest interest rate.
- Pros: Minimizes total interest paid
- Cons: May take longer to see first debt paid off
- Best for: Those focused on mathematical optimization
For Both Methods:
- Make minimum payments on all debts
- Put extra money toward one target debt
- After paying off a debt, roll that payment to the next target

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