Debt Payoff Calculator

Compare debt payoff strategies including snowball and avalanche methods. Calculate payoff timelines, total interest costs, and find the fastest path to becoming debt-free.

Debt Information

Total amount of debt you want to pay off
Weighted average interest rate across all debts
Current total monthly payment across all debts
Additional amount you can pay each month

Multiple Debts (Optional)

Add individual debts to compare snowball vs avalanche strategies

Payoff Strategy

Debt-Free Date
Dec 2027
Time to Freedom
Total Interest
$8,450
Total Payments
$33,450
Months to Payoff
36 months
Interest Saved
$2,150

Debt Payoff Progress

Strategy Comparison

Payment Schedule

Debt Payoff Strategies

Debt Snowball

Pay minimum on all debts, then put extra money toward the smallest balance first. Provides psychological wins and momentum.

Debt Avalanche

Pay minimum on all debts, then put extra money toward the highest interest rate first. Saves the most money mathematically.

Debt Consolidation

Combine multiple debts into one loan with a lower interest rate. Simplifies payments and can reduce total interest.

Tips to Accelerate Debt Payoff

Create a Budget

Track your income and expenses to find extra money for debt payments.

Increase Income

Consider a side hustle, freelancing, or selling unused items to boost payments.

Reduce Expenses

Cut unnecessary subscriptions, dining out, and entertainment to free up money.

Use Windfalls

Apply tax refunds, bonuses, and gifts directly to debt principal.

Negotiate Rates

Call creditors to request lower interest rates or payment plans.

Stay Motivated

Track progress visually and celebrate milestones to maintain momentum.