Debt Payoff Calculator
Your Debts (up to 5)
Payoff Results
| Months to Debt-Free (with strategy) | — |
|---|---|
| Total Interest (with strategy) | — |
| Total Interest (minimum-only) | — |
| Interest Saved | — |
Payoff Timeline
How to Use This Debt Payoff Calculator
Credit cards, medical bills, personal loans—they all have different rates and minimums, and paying only minimums can cost a fortune in interest. This calculator shows what happens when you add even a modest extra payment and pick a payoff order that fits your style.
- Enter each debt. Up to five debts with balance, APR, and minimum payment. Leave unused rows blank.
- Add extra monthly payment. Amount beyond all minimums you can commit each month.
- Select strategy. Snowball (lowest balance first) or Avalanche (highest rate first).
- Press Calculate. Review months to debt-free, total interest with strategy, minimum-only interest, interest saved, and payoff timeline.
Credit-card-only tracking with named cards? Use the Credit Cards Payoff Calculator. Considering rolling debts into one loan? Try the Debt Consolidation Calculator.
Debt Payoff Formulas and Practical Applications
Each debt accrues monthly interest on its balance. Minimum-only mode pays each debt independently with no redirection when one reaches zero. The strategy mode concentrates extra payments on one priority debt at a time.
Interest saved
Interest Saved = Total Interest (Minimum-Only) − Total Interest (Strategy)
On $12,000 total debt with $150 extra per month, avalanche often saves hundreds compared to minimum-only over the payoff period.
Payment cascade
When a debt is paid off, its minimum payment joins the extra pool. A $200 minimum that frees up after month 14 becomes part of the attack on the next target—accelerating the rest of the plan.
Snowball vs avalanche trade-off
Snowball clears small balances quickly for psychological wins. Avalanche minimizes total interest by targeting the highest APR first. Run both if you are unsure—the interest saved figure makes the cost of motivation visible.
Frequently Asked Questions
How is interest saved calculated?
Interest saved equals total interest on minimum-only payments minus total interest when using your chosen strategy with extra payments.
Can I mix credit cards and personal loans?
Yes. Enter any debt with balance, APR, and minimum payment in the debt rows—cards, medical bills, personal loans, and more.
What is the difference between snowball and avalanche?
Snowball pays off the smallest balance first for quick wins. Avalanche pays the highest APR first to minimize total interest paid.
How does the extra payment work?
You pay all minimums plus the extra amount on top. The extra goes to the priority debt; when paid off, freed minimums join the extra pool.
How is this different from the Credit Cards Payoff Calculator?
The Debt Payoff Calculator handles any debt type and compares interest saved vs minimum-only. The Credit Cards Payoff Calculator is specialized for up to five credit cards with named card tracking.