Debt Payoff Calculator

See your debt-free date. Compare Snowball vs. Avalanche and find the fastest path out of debt.

Avalanche: pay highest interest rate first. Minimizes total interest paid.

Debt 1
$
%
$
Debt 2
$
%
$

Amount above and beyond the minimum payments

$
39 mo.Payoff time
$2,455.53Total interest
August 2029Payoff date
Strategy comparison
❄️ Snowball
$2,455.53 interest39 months — August 2029
🏔 Avalanche← active
$2,455.53 interest39 months — August 2029

Avalanche saves you $0.00 in interest.

How the Debt Payoff Calculator Works

Enter each debt with its current balance, annual interest rate, and minimum monthly payment. Then enter how much extra you can pay each month above the minimums. The calculator runs a month-by-month simulation to show exactly when you'll be debt-free and how much interest you'll pay.

The Snowball strategy pays off the lowest-balance debt first for psychological wins. The Avalanche strategy targets the highest interest rate first to minimize total interest paid. The comparison table shows which strategy saves more money for your specific situation.

Side-by-side, full schedule, shareable link

Snowball and Avalanche now always show both numbers at once. Previously you had to pick a strategy and run it, then switch and run it again. Now the comparison is right there: Snowball finish date, Avalanche finish date, and — most useful — how much extra interest Snowball costs compared to Avalanche for your specific debts. For some people that gap is $200. For others it's $4,000. Seeing the actual dollar difference is what makes the choice feel real. If you'd still rather go with Snowball for the psychological momentum, that's a valid call — the Avalanche savings callout isn't here to guilt you.

The CSV download now exports the full month-by-month schedule for every debt — not just the first 36 months. If you have a 7-year car loan, you get all 84 rows. A shareable URL encodes your debt list so you can revisit the exact scenario or hand it to a financial counsellor without re-entering everything. What's not here: automated suggestions for which debts to consolidate, or integration with bank accounts. The inputs stay private and local.

Frequently Asked Questions

What's the difference between Snowball and Avalanche?
Snowball: pay minimum on all debts, put extra money toward the lowest balance. When that's paid off, roll its payment into the next. Psychologically motivating. Avalanche: same approach, but target the highest interest rate instead. Mathematically optimal — you pay less total interest.
How accurate is this calculator?
The calculator uses a month-by-month simulation with compound monthly interest (annual rate ÷ 12). Results are estimates — actual payoff may vary based on exact payment dates, lender policies, and whether interest compounds daily vs. monthly. Use it as a planning guide, not a guarantee.
What happens when a debt is paid off in the simulation?
When a debt is paid off, its minimum payment is automatically rolled into the extra payment pool for the next month. This is the 'debt rollover' technique that accelerates payoff — your available monthly payment grows as each debt disappears.
Which strategy should I actually choose?
If you need motivation to stay on track, choose Snowball — eliminating small debts quickly creates momentum. If minimizing total interest paid is your priority, choose Avalanche. The difference in total interest can range from negligible to hundreds or thousands of dollars depending on your debts.

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