CalcQuick

Debt Payoff Calculator

Plan how to pay off credit cards and loans with the snowball or avalanche method.

For educational purposes only. Not financial advice. Debt terms, fees, and payment rules vary by lender.

Paid on top of all minimum payments

Highest interest rate first — saves the most money

Debt-free in

2 yr 10 mo

Payoff date: May 2029

Total interest

$3,475.01

Total paid

$25,475.01

vs. minimum payments only: save $4,083.00 in interest and be debt-free 3 yr 3 mo sooner

Credit cardpaid off in 1 yr 9 mo · $1,269.28 interest
Car loanpaid off in 2 yr 10 mo · $1,556.01 interest
Personal loanpaid off in 2 yr 2 mo · $649.72 interest

How to use

  1. List each debt with its balance, APR, and minimum monthly payment.
  2. Enter the extra amount you can pay each month on top of all minimums.
  3. Choose a strategy: avalanche (highest rate first) or snowball (smallest balance first).
  4. Review your debt-free date, total interest, and per-debt payoff timeline.

How it works

Each month, every debt accrues interest at its APR ÷ 12, then receives its minimum payment.

Your extra budget — plus minimums freed up by paid-off debts — goes to the target debt.

Avalanche targets the highest interest rate first, which minimizes total interest paid.

Snowball targets the smallest balance first, which clears individual debts fastest for motivation.

Example

Three debts — a $6,000 credit card at 22% APR ($150 min), a $12,000 car loan at 7% ($280 min), and a $4,000 personal loan at 11% ($120 min) — with $200 extra per month using the avalanche method:

Debt-free in about 3 years, saving thousands in interest versus paying minimums only.

Frequently asked questions

What is the debt avalanche method?
You pay minimums on everything and put all extra money toward the debt with the highest interest rate. Mathematically, it always minimizes total interest paid.
What is the debt snowball method?
You pay minimums on everything and put all extra money toward the smallest balance. You clear debts sooner, which builds momentum, but usually pay slightly more interest than avalanche.
Which is better, snowball or avalanche?
Avalanche saves the most money; snowball provides quicker psychological wins. Toggle between both strategies above to see the exact difference in interest and time for your debts.
What happens when one debt is paid off?
Its minimum payment rolls into your extra budget and accelerates the remaining debts. This rollover effect is why total payoff speeds up over time.
Why does the calculator say my debts can never be paid off?
If a minimum payment doesn't even cover the monthly interest on a debt, the balance grows forever. Increase the minimum payment or extra budget until the payoff becomes possible.
Should I consolidate my debts instead?
Consolidation can help if the new loan's rate is lower than your weighted average rate and fees are low. Compare the consolidated payment against this payoff plan. This is educational information, not financial advice.

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