Get out of debt faster โ and pay less interest
When you owe money on several cards or loans, the order you pay them off changes how long it takes and how much interest you lose. This free debt payoff calculator runs both popular strategies โ avalanche and snowball โ and shows your debt-free date, the total interest for each, and which one wins for your situation. Add an extra monthly payment and watch the payoff time shrink.
List your debts with their balances, rates and minimum payments, set how much extra you can put in each month, and compare the two plans side by side. Everything runs in your browser, so your financial details stay completely private.
How to use it
- Add each debt with its balance, interest rate (APR) and minimum payment.
- Enter any extra you can pay each month on top of the minimums.
- Compare the avalanche and snowball results.
- Pick the plan that fits โ fastest, cheapest, or most motivating.
Snowball vs avalanche โ the difference
Both methods pay the minimum on every debt and put all spare money toward one target. The avalanche targets the highest interest rate first, which mathematically clears your debt with the least total interest. The snowball targets the smallest balance first, giving you a quick win and freeing up that payment sooner โ which many people find easier to stick with. Avalanche usually saves more money; snowball often wins on motivation.
Why extra payments are so powerful
Minimum payments are designed to keep you in debt for years because most of each one goes to interest. Every extra amount you add goes straight to the principal, so it both shortens the term and removes future interest. Even a modest extra payment can cut months or years off your timeline โ try increasing it in the calculator to see the jump.
How the calculation works
Each month the tool adds interest to every balance, pays the minimum on each debt, then throws all remaining money (your extra plus any minimums freed by cleared debts) at the target debt for the chosen strategy. It repeats until everything is paid, counting the months and the interest along the way. If your total payment can't cover the interest, balances would grow forever, and the tool warns you to increase your payment.
Stay on track and avoid new debt
A payoff plan only works if you stop adding to the pile. While you're clearing balances, try to pause new borrowing on the cards you're paying down, and build a small emergency fund so an unexpected bill doesn't go straight onto credit. Consider whether a lower-rate option โ a balance transfer or consolidation loan โ could cut the interest the avalanche method is fighting, but watch for fees. Re-run this calculator every few months with your updated balances; seeing the debt-free date move closer is a powerful motivator to keep going.
Free and private
There's no signup and no limit. All the maths runs locally in your browser, so your balances and rates never leave your device. Use it to build a realistic plan, then revisit it as you pay debts down. Remember it's an estimate for planning, not financial advice.