PayCalculator

Debt Payoff Calculator

See your debt-free date, compare the avalanche vs snowball methods, and find out exactly how much interest you save with each extra dollar.

Your debts

$
%
$
$
%
$
$
%
$
$

Above the sum of minimum payments. As debts pay off, freed-up minimums roll into this.

Highest APR first — saves the most money

Total debt

$19,500

Monthly payment

$575

Weighted APR

12.26%

With the avalanche strategy + $100/mo extra

Debt-free in

4 yr 2 mo

Payoff date

June 2030

Total interest

$4,116

You save $1,794 in interest and pay off debt 7 mo sooner vs. minimums only.

Compare strategies

Best

Avalanche

Highest APR first

4 yr 2 mo→ June 2030
Interest paid: $4,116
Total paid: $23,616

Snowball

Smallest balance first

4 yr 2 mo→ June 2030
Interest paid: $4,403
Total paid: $23,903

Minimums only

No extra payment

4 yr 9 mo→ January 2031
Interest paid: $5,910
Total paid: $25,410

Avalanche saves $287 in interest vs snowball, but snowball can be more motivating because you pay off your first debt faster.

Payoff order — avalanche

1.Credit Card 12 yr 2 mo · $1,286 interest
2.Credit Card 22 yr 9 mo · $833 interest
3.Auto loan4 yr 2 mo · $1,997 interest

All math runs in your browser · Estimates assume fixed APRs and constant monthly payments

How this debt payoff calculator works

Each month, the calculator applies your APR to each debt's remaining balance to compute interest, pays the minimum on every debt, then routes any extra payment (plus minimums freed from already-paid-off debts) to the priority debt for the strategy you chose. This continues until every balance hits zero — the calendar date you'd be debt-free.

Avalanche method (mathematically optimal)

The avalanche method ranks debts by APR — highest first — and throws all extra payments at the highest-rate debt while paying minimums on the rest. Because high-APR debt accrues interest fastest, killing it first stops the largest "interest leak." This produces the lowest total interest paid across any strategy.

Snowball method (behaviorally proven)

The snowball method ranks debts by balance — smallest first — regardless of APR. You'll pay slightly more total interest than with avalanche, but you'll close out individual accounts much faster. Multiple academic studies (notably Gal & McShane, 2012) found that people using snowball were more likely to stick with their plan, and behavior usually beats math.

The extra-payment cascade

When a debt is paid off, its minimum payment doesn't disappear from your budget — it rolls into your extra payment for the next priority debt. This compounds over time and is the single biggest reason debt-free timelines can shrink dramatically with even modest extra payments.

Need to know your take-home pay?

Use the paycheck calculator to figure out exactly how much you have to throw at debt each month.

US Paycheck Calculator →

In Canada?

The same debt math works regardless of country — pair this with the Canada paycheck calculator.

Canada Paycheck Calculator →

Frequently asked questions

What's the difference between the avalanche and snowball methods? ▾
The debt avalanche method targets your highest-APR debt first while paying minimums on the rest — this minimizes the total interest you pay. The debt snowball method targets your smallest balance first regardless of interest rate — you pay slightly more interest overall, but you knock out individual debts faster, which many people find more motivating. Mathematically, avalanche always wins. Behaviorally, snowball often wins because people stick with it.
Should I pay off debt or invest first? ▾
A common rule: if your debt's APR is above ~7%, paying it down beats investing because you're getting a guaranteed risk-free return equal to that interest rate. Credit card debt at 18-29% almost always wins over investing. Mortgage debt at 4-6% is closer to a tie. Always capture any 401(k) employer match first — that's an immediate 50-100% return that beats any debt payoff.
How does the 'extra payment' cascade work? ▾
Once a debt is fully paid off, its minimum payment doesn't disappear from your budget — it joins your extra payment pool and gets applied to the next priority debt. This 'snowball effect' is why both strategies accelerate over time. This calculator handles the cascade automatically.
What if my minimum payment is less than the monthly interest? ▾
If your minimum payment doesn't cover the monthly interest, the debt grows every month — sometimes called being 'underwater' on a debt. The calculator detects this and warns you. The only fix is to pay more than the minimum, which is exactly what the extra payment field models.
Should I consolidate my credit card debt? ▾
Debt consolidation can help if you can lock in a meaningfully lower APR — for example, moving 22% credit card debt to a 7% personal loan or a 0% balance transfer card. Run both scenarios in this calculator (one as your current debts, one as a single consolidated debt at the lower APR) to see the actual savings before applying. Watch for balance transfer fees (typically 3-5%) and what the rate jumps to after the promo period.
Is my data saved anywhere? ▾
No. Every calculation runs entirely in your browser. Nothing is sent to any server, no cookies are set, and your debt details disappear the moment you close the tab.