Debt Calculator
Calculate debt payoff timeline and total interest costs.
How Do You Pay Off Debt Fastest?
The two mathematically defensible debt-payoff strategies are the avalanche method (pay minimums on every debt, then throw all extra cash at the highest-APR balance) and the snowball method (same, but target the smallest balance first). Avalanche always minimizes total interest paid — often by hundreds or thousands of dollars on credit-card balances at 20%+ APR — while snowball trades some interest savings for the behavioral momentum of clearing accounts faster. This calculator runs both strategies (plus an optional consolidation scenario) against your actual balances and APRs so you can compare payoff date and total interest before committing to a plan. Pair it with the Budget Calculator to find the monthly amount you can sustainably commit, or model a refinance with the Loan Calculator.
Choose Your Path to Financial Freedom
Compare different debt payoff strategies to find the one that works best for your situation. Whether you want to save the most money (avalanche) or build momentum with quick wins (snowball), we'll help you make an informed decision.
Credit Card
Strategy Compare
Consolidation
Custom Order
Credit Card Payoff Calculator
Current Balance
$
APR (%)
%
Minimum Payment CalculationMinimum payment: $100
Percentage of Balance
%
Minimum Floor Amount
$
Payment Strategy
Monthly Payment Amount
$
Payoff Analysis
Monthly Payment
$200
Payoff Time
33 months
Total Interest
$1,414.44
Total Amount
$6,414.44
Debt-free by: February 2029
Compared to minimum payments
- Save $3,563.46 in interest
- Pay off 67 months faster
- Minimum payment scenario: 100 months, $4,977.9 interest
Interest Impact: You are paying 28.29% of your original balance in interest charges.
Smart Strategies
Compare avalanche vs snowball methods to find the optimal payoff strategy for your financial goals and personality
Save Money
See exactly how much interest you will save by paying more than the minimum or consolidating your debts
Visual Progress
Track your debt-free journey with detailed payment schedules showing balance reduction and payment breakdowns
Debt Payoff Strategies Explained
Debt Avalanche Method
- Best for: Analytical, patient people
- Pros: Maximum interest savings
- Cons: May take longer to see first payoff
Debt Snowball MethodPay minimums on all debts, then attack the smallest balance first. This method provides psychological wins.
- Best for: People who need motivation
- Pros: Quick wins build momentum
- Cons: May pay more interest overall
How to use this tool
- 1List your debtsAdd each balance with its APR and minimum payment — credit cards, personal loans, student loans. Accuracy matters most for the high-rate accounts.
- 2Set your monthly budgetEnter the total you can put toward debt each month. The tool covers minimums first, then routes the surplus by your chosen strategy.
- 3Compare avalanche vs snowballSwitch between strategies to compare payoff date and total interest. Avalanche is mathematically optimal; snowball may help if you need quick wins to stay motivated.