How much extra should I pay toward debt?

Any extra helps! Even $50-100/month can save thousands in interest and cut years off your payoff timeline. Use the calculator to see the impact of different amounts.

Should I save or pay off debt first?

Generally, build a small emergency fund ($1,000) first, then focus on high-interest debt. The interest you save usually exceeds what you'd earn from savings.

What about debt consolidation?

Consolidation can help if you get a lower interest rate. Use this calculator to compare your current timeline versus a consolidated loan to see if it's worth it.

Finance

Debt Payoff Calculator

Calculate how long to pay off debt using Snowball or Avalanche methods. Compare strategies, track multiple debts, and see your debt-free date.

Your Debts

Debt #1

Debt Name

Balance

Interest Rate (APR)

Minimum Payment

Payoff Strategy

Extra Monthly Payment

💡 Avalanche (Highest Interest First): Pay off highest interest rate debt first. Saves the most money on interest over time.

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Get Out of Debt Faster

Our debt payoff calculator helps you create a strategic plan to eliminate debt. Compare the Snowball method (smallest balance first for quick wins) versus the Avalanche method (highest interest first for maximum savings) and find the best approach for your situation.

Understanding Debt Payoff Strategies

Debt payoff strategies help you systematically eliminate multiple debts. The Avalanche method targets highest-interest debt first, minimizing total interest paid. The Snowball method targets smallest balances first, providing psychological wins that keep you motivated.

Monthly Interest

Interest = Balance × (Annual Rate / 12)

How to Use the Debt Payoff Calculator

Frequently Asked Questions

Avalanche saves more money on interest, but Snowball provides quick wins that keep you motivated. Choose Avalanche if you're disciplined, Snowball if you need psychological boosts.