Debt Payoff Calculator
What this debt payoff calculator does: you list each debt with its balance, interest rate, and minimum payment, add any extra money you can put toward debt each month, and it builds a month-by-month payoff plan. It shows:
1. Avalanche vs. snowball, side by side: the two debt-reduction methods the CFPB describes, run on your own numbers
2. Your debt-free date and total interest under each method
3. Payoff order: which debt clears first, second, and so on, and in which month
4. A balance chart and a full payment schedule you can export
Free, no sign-up. Your numbers stay in your browser; the shareable link stores them in the link itself. Results are educational estimates, not financial advice.
Avalanche vs Snowball — find the fastest & cheapest way to become debt-free
Both strategies are described by the CFPB and its Reducing Debt Worksheet. This tool computes both on your actual debts.
| Date | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| Enter your debts to see schedule | ||||
How to use the debt payoff calculator
1. Pick your currency and the start date (the month your balances are current; first payments are modeled the following month).
2. For your first debt, enter a name, pick the type (Credit Card, Loan, or Other), then its Balance, Interest Rate (APR, % per year), and Min Payment (per month). Use the figures on your latest statement.
3. Click + Add Another Debt for each additional debt. Remove a row with ✕.
4. Enter your Extra Monthly Payment: money you can pay on top of all the minimums.
5. Choose a Payoff Strategy: Compare Both (recommended for a first look), Avalanche Only, or Snowball Only.
6. Results update as you type. Use Copy Plan, Export CSV, or Export PDF to keep your plan, or Copy Shareable Link to come back to it.
How to read your results
| Result | What it means |
|---|---|
| Target Debt-Free Date | The month your last balance reaches $0 under the method shown. |
| Total Interest | All interest charged across every debt until the plan ends. Compare it between the two methods; the avalanche figure is usually lower. |
| Avalanche vs Snowball cards | Avalanche sends the extra payment to the highest interest rate first. Snowball sends it to the smallest balance first. Both keep paying every minimum. |
| Payoff Order | The month each debt is cleared. Snowball usually clears its first debt sooner; the insight box shows by how many months, counting whichever debt reaches $0 first under each method. |
| Strategy chart & schedule | Total balance over time for each method, and the payment, principal, interest, and balance for every month or year. |
| “Never” result | If your total payments don’t cover the monthly interest, the balance can’t fall. The calculator flags this instead of showing a date. |
Worked example: three debts, $200 extra a month
Here’s one example run through the calculator, starting January 2027: a credit card with $5,000 at 24% APR and a $150 minimum; a car loan with $8,000 at 7% and a $250 minimum; a personal loan with $1,500 at 12% and a $75 minimum. Extra monthly payment: $200.
| Result | Avalanche | Snowball |
|---|---|---|
| Total interest | $1,861.92 | $2,053.28 |
| Payoff order (month cleared) | Credit card 17 · Personal loan 18 · Car loan 25 | Personal loan 6 · Credit card 19 · Car loan 25 |
| Debt-free date | February 2029 (25 payments) | February 2029 (25 payments) |
Avalanche costs $191.36 less in interest. Snowball clears its first debt in month 6 instead of month 17. For comparison, paying only the minimums on the same debts takes 39 payments and $3,744.73 in interest, so the extra $200 saves $1,882.81 under avalanche.
Example figures are illustrative, not averages or statistics.
🧮 How this was calculated
- Month 1 interest: card $5,000 × 24% ÷ 12 = $100.00 · car $8,000 × 7% ÷ 12 = $46.67 · personal $1,500 × 12% ÷ 12 = $15.00
- Every debt gets its minimum: $150 + $250 + $75 = $475, plus the $200 extra = $675 a month
- Avalanche sends the $200 to the credit card (24%, highest rate); snowball sends it to the personal loan ($1,500, smallest balance)
- When a debt reaches $0, its minimum joins the extra and moves to the next target: under snowball, from month 7 the card gets $150 + $75 + $200 = $425 a month
- This repeats month by month until every balance is $0. Interest saved by avalanche: $2,053.28 − $1,861.92 = $191.36
Assumptions: rates stay the same · minimum payments stay at the amounts entered · no new charges · interest = balance × APR ÷ 12 each month.
Methodology and sources
1. Methods: the highest-interest-rate method (avalanche) and the snowball method, both described by the Consumer Financial Protection Bureau. Every minimum is paid each month; the extra goes to one target debt.
2. Interest: balance × (APR ÷ 12) each month, the simple monthly model. Card issuers usually calculate interest daily, so real statements can differ slightly.
3. Minimum payments: held at the amount you enter. Credit card minimums often shrink as the balance falls; to model that, use the Credit Card Payoff Calculator‘s Minimum Only mode.
4. Not included: fees, promotional rates that expire, rate changes, and new purchases.
Frequently Asked Questions
1. What is the debt snowball method?
Ans: You pay every minimum, then put any extra money toward the debt with the smallest balance. When it’s gone, its payment rolls to the next-smallest debt. It usually clears individual accounts sooner, though it can cost more interest than avalanche.
2. What is the debt avalanche method?
Ans: You pay every minimum, then put extra money toward the debt with the highest interest rate. When it’s gone, the payment rolls to the next-highest rate. Mathematically, it produces the lowest total interest of the two methods when rates differ.
3. Why do both methods sometimes finish in the same month?
Ans: Both methods pay the same total amount each month, so the overall finish date can match or differ by only a month or two. What changes is the order debts are cleared and how much interest builds up along the way.
4. What if my minimum payments don’t cover the interest?
Ans: The balance can’t go down, and the calculator shows a warning instead of a payoff date. The CFPB notes you can contact creditors to ask about lower payments, lower rates, or a payment plan.
5. Should I include a buy now, pay later plan?
Ans: Yes. Add it as type “Other” with its remaining balance, 0% if it charges no interest, and its scheduled payment as the minimum. Check the plan’s agreement for late fees.
6. Does closing a credit card after paying it off hurt my credit score?
Ans: Yes, it can. Closing a credit card reduces your total available credit, which increases your credit utilization ratio. If there is no annual fee, it is usually better to leave the account open.
7. Does SaveXpert save my debts?
Ans: No account is needed and nothing is stored on our servers. Export a PDF or CSV, or copy the shareable link, which stores the inputs in the link itself.
Kevin Brown researches personal finance topics using official sources; he is not a licensed financial advisor. Last reviewed: October 2026.
