Debt Payoff Calculator
Compare debt payoff strategies and find the fastest way to become debt-free
Your Debts
Add New Debt
Extra Payment Strategy
Payoff Summary
Add your debts and click calculate to see your payoff plan
Debt Avalanche
Pay minimums on all debts, then put extra money toward the debt with the highest interest rate.
Best for:
- • Saving the most money on interest
- • Mathematically optimal approach
- • Those motivated by financial efficiency
Debt Snowball
Pay minimums on all debts, then put extra money toward the debt with the smallest balance.
Best for:
- • Building momentum and motivation
- • Quick psychological wins
- • Those who need encouragement
Debt Payoff Calculator Answers
What does the debt payoff calculator do?
It helps you estimate how long it will take to pay off your debt and how much interest you’ll pay based on your current balance, interest rate, and monthly payment or target date.
Can it handle multiple debts?
This basic calculator typically focuses on one debt at a time. For multiple debts, use a tool with a debt snowball or avalanche strategy planner for a full payoff strategy.
What’s the difference between paying a fixed amount vs. setting a payoff deadline?
Paying a fixed amount shows how long repayment will take, while choosing a deadline calculates how much you need to pay monthly to meet your goal. Both options help tailor your repayment plan.
Will this calculator include interest savings?
Yes, it estimates total interest paid and helps you see how increasing your payments or adjusting your plan can reduce interest over time and help you become debt-free faster.