Debt payoff calculator Which payoff strategy gets you debt-free faster?
Enter multiple debts, their balances, APRs, and minimum payments to compare the debt avalanche and debt snowball. See estimated payoff time, total interest, and how an extra monthly payment changes the plan as freed-up minimum payments roll into the next debt.
Your debts
Pay every minimum, then send all extra money to the debt with the highest APR. This usually saves the most interest.
Pay every minimum, then send all extra money to the debt with the smallest balance. This creates quicker early wins.
This is money you can pay on top of every required minimum. Both methods send it to one target debt at a time, then roll freed-up minimum payments into the next debt.
Strategy comparison
The avalanche saves $245 in interest with these debts.
Explore your debt payoff plan
See how an extra monthly payment changes your estimated payoff time and total interest.
How an extra monthly payment changes payoff time and interest
Compare paying the entered minimums with using your full monthly debt budget. Freed-up minimum payments roll into the next debt in both schedules.
The selected extra payment shortens the payoff schedule and reduces interest.
Understand your debt payoff strategy
Learn how the payoff methods choose a target debt and what happens as each balance reaches zero.
What’s the difference between debt avalanche and debt snowball?
The debt avalanche directs extra money to the debt with the highest APR. The debt snowball directs extra money to the debt with the smallest balance.
Both methods continue paying every required minimum. The calculator compares them using the debts and total payment budget entered.
What happens to a minimum payment after a debt is paid off?
The calculator keeps the total monthly debt budget consistent. When a balance reaches zero, its freed-up minimum payment becomes available for the next target debt.
Why might the real payoff date differ from this estimate?
Actual results may differ because of:
- APR changes
- Changing minimum-payment requirements
- New purchases or borrowing
- Fees or penalties
- Missed or late payments
- Payments that differ from the entered amount
- Differences in how a creditor applies payments
Debt payoff terms, explained
Get plain-language definitions of the methods and results.
Definitions of terms
- Debt avalanche
- Directs extra money to the highest APR first. It usually minimizes interest.
- Debt snowball
- Directs extra money to the smallest balance first. It creates earlier account payoffs.
- Minimum payment
- The required monthly amount for each debt before the extra payment is applied.
- Extra payment
- Money added on top of all minimum payments and redirected as debts are paid off.
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About this debt payoff estimate
Review what is included, the payoff assumptions, and what the estimate does not model.
What is included
The calculation uses each entered balance, APR, minimum monthly payment, and the extra monthly payment.
Key assumptions
Each month, interest is added to every active debt using its fixed APR divided by 12. The calculator then pays each entered minimum and sends the remaining fixed monthly budget to the strategy’s target debt.
The avalanche targets the highest APR first. The snowball targets the smallest balance first. Freed-up minimum payments remain in the monthly budget and roll forward after a debt is paid off. APRs, minimum payments, and the total payment budget remain fixed in the estimate.
What is excluded
The estimate does not model future borrowing, new purchases, late fees, penalty APRs, changing rates, creditor-specific payment rules, settlement, collections, or taxes.
Methodology and disclaimer
Updated August 23, 2026. This estimate is educational and is not financial advice. See the full disclaimer.