Debt Payoff Calculator

Plan your payoff with Snowball or Avalanche, add extra payments, and see exactly when you'll be debt-free.

Debt #1

Debt Name

Current Balance

Annual Interest Rate (%)

Minimum Monthly Payment

New Interest Rate (%) (Optional) Enter a new rate if this debt's rate changes.

Month Rate Changes (Optional) Enter the month number (1 = first month) when the interest rate changes.

Note: Saved plans are stored in this desktop/mobile browser only and cannot be accessed on other devices. If you access this website on other devices you have to re-enter the data.

Debt Payoff Comparison

Method	Payoff Time	Total Interest Paid	Total Amount Paid	Debt-Free Date
Snowball	-	-	-	-
Avalanche	-	-	-	-
Consolidation	-	-	-	-

Your Debt Payoff Results (Snowball)

Total Debt: $0.00

Payoff Time: 0 months

Total Interest Paid: $0.00

Total Amount Paid: $0.00

Debt-Free Date: -

Debt Payoff Schedule

Debt Name	Starting Balance	Initial Interest Rate	Payoff Date	Total Interest

Monthly Payment Schedule

Month	Date	Total Remaining

Recommendation:

Recommendation text will appear here after calculation.

To potentially accelerate your debt payoff and further reduce the total interest paid, consider the following:

Increase Monthly Payments: If possible, increasing your monthly budget for debt repayment would significantly shorten the payoff time and decrease the total interest paid. Even a small additional amount each month can make a difference.
Debt Snowflakes: Use the "Add Snowflake" feature above to apply any small, extra amounts you can find towards your debt. Every little bit helps!
Windfalls and Bonuses: Apply any unexpected income, such as tax refunds or work bonuses, directly to the debt with the highest interest rate (Avalanche) or smallest balance (Snowball).
Reduce Spending: Identify areas in your budget where you can reduce discretionary spending and reallocate those funds towards your debt payments.
Consider Balance Transfers: If you have good credit, you might explore transferring the balance of your high-interest credit card to a new card with a 0% introductory APR (be mindful of fees and future rates).

Continuing with a consistent payment strategy and looking for opportunities to pay extra will help you become debt-free sooner and save money on interest.

Success Stories

Jessica's Snowball Triumph

"I had $12,000 spread across three credit cards and felt overwhelmed. Using the Snowball method, I paid off the smallest balance of $1,500 in just 3 months! That quick win motivated me to tackle the rest, and I was debt-free in 14 months—saving $800 in interest along the way!"

David's Avalanche Victory

"With $35,000 in student loans at interest rates as high as 9%, I chose the Avalanche method to minimize costs. By focusing on the highest interest debt first, I saved $4,200 in interest and paid off everything in 3 years. Seeing the savings laid out really kept me on track!"

Linda's Hybrid Success (with Snowflakes!)

"I owed $20,000 across a car loan and medical bills. I started with the Snowball method for motivation, then switched to Avalanche for my high-interest car loan. I also used the 'Snowflake' feature whenever I had extra cash from side gigs. These small bits added up, helping me become debt-free in under 2 years and saving over $1,600 in interest!"

Educational Resources & Tips

Helpful Links

From Our Blog

Quick Tips

Track Your Spending: Know where your money is going. Use an app, spreadsheet, or notebook to monitor expenses and identify areas where you can cut back.
Build an Emergency Fund: Even a small emergency fund ($500-$1000) can prevent you from taking on more debt when unexpected costs arise. Aim for 3-6 months of living expenses eventually.
Review Your Credit Report Regularly: Check your credit report from all three major bureaus (Equifax, Experian, TransUnion) at least once a year for free at AnnualCreditReport.com. Dispute any errors immediately.
Automate Payments: Set up automatic minimum payments for all debts to avoid late fees and credit score dings. Always try to pay more than the minimum when possible.
Consider High-Interest Debt First: While the Snowball method provides motivation, prioritizing payments towards debts with the highest interest rates (Avalanche method) will save you the most money over time.