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About the Debt Payoff Calculator
This calculator shows how fast you can pay off your debts and how much interest you will pay along the way. Enter your debts and compare the snowball and avalanche methods side by side. You get a payoff date, total interest cost, and a month-by-month payment schedule for each strategy.
The math uses the standard amortization formula, P x r x (1+r)^n / ((1+r)^n - 1), applied to each balance, rate, and minimum payment you enter. The calculator pays all minimums first, then sends any extra amount to one target debt. Snowball targets the smallest balance; avalanche targets the highest interest rate. Tip: a small extra payment each month can shorten your payoff time, so test a few amounts.
- List each debt with its balance, annual percentage rate, and minimum payment.
- Choose snowball or avalanche and enter the extra amount you can pay monthly.
- Review the payoff date and schedule, then switch methods to compare results.