Debt Payoff Calculator

Calculate how to become debt free faster using snowball or avalanche methods. See how extra payments can save you thousands in interest.

Debt Snowball vs Avalanche Methods

The Debt Snowball method focuses on paying off debts from smallest to largest balance. This creates quick wins and psychological motivation as you eliminate debts one by one.

The Debt Avalanche method prioritizes debts with the highest interest rates first. This approach saves you the most money on interest over time but may take longer to see progress.

How Our Debt Payoff Calculator Works

Our calculator analyzes your debts and creates a customized payoff plan:

Total Time Saved = (Original Payoff Time) - (Optimized Payoff Time)

We calculate:
• Optimal payment order based on your chosen method
• Interest savings from extra payments
• Time to debt freedom with your current plan vs optimized plan
• Monthly payment schedule until all debts are paid

Which Method Should You Choose?

Choose Snowball If:

You need motivation, want quick wins, have similar interest rates, or struggle with debt burnout.

Choose Avalanche If:

You want to save the most money, have high-interest debts, or are highly disciplined.

Debt Payoff Tips

💰 Make Extra Payments

Even $50-100 extra per month can cut years off your debt and save thousands in interest.

📊 Track Your Progress

Use our calculator monthly to see your progress and stay motivated on your debt-free journey.

🏦 Consider Balance Transfers

Transfer high-interest credit card debt to 0% APR cards to accelerate payoff.

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Debt Payoff Calculator

Calculate your fastest path to debt freedom

Debt Snowball

Pay smallest debts first for quick wins

Debt Avalanche

Pay highest interest first to save money

Credit Card #1

Balance

Interest Rate (%)

Minimum Payment

Debt Name

Extra Monthly Payment (Optional)

Total Debt: —

Time to Debt Freedom: —

Total Interest: —

Interest Savings: —

Time Saved: —

Payoff Schedule

Month	Debt	Payment	Interest	Principal	Remaining

Not Sure Which Method to Choose?

Read our comprehensive guide comparing Debt Snowball vs Avalanche methods with real examples and expert advice.

Read Comparison Guide →

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