Debt Payoff Calculator

Plan your debt repayment strategy and see when you'll be debt-free

Your Debts

Enter information about each of your debts

Debt #1

Debt Name

Current Balance

Interest Rate (%)

Minimum Payment

Debt #2

Debt Name

Current Balance

Interest Rate (%)

Minimum Payment

Payment Strategy

Choose how you want to pay off your debts

Payoff Method

Debt Avalanche (Highest Interest First)

Debt Snowball (Lowest Balance First)

Total Monthly Payment

Minimum: $450

Extra payment: $150

Your Debt Payoff Plan

Based on the information you provided

Enter Your Debt Details

Fill in your debt information and click "Calculate Payoff Plan" to see your personalized debt freedom plan.

About This Calculator

This debt payoff calculator helps you create a plan to become debt-free by comparing different repayment strategies. It shows you how long it will take to pay off your debts and how much interest you'll pay along the way.

Debt Payoff Strategies

Debt Avalanche

The Debt Avalanche method prioritizes paying off debts with the highest interest rates first, while making minimum payments on all other debts. This approach minimizes the total interest paid and is mathematically optimal.

Debt Snowball

The Debt Snowball method prioritizes paying off debts with the smallest balances first, regardless of interest rate. This approach provides psychological wins as you eliminate individual debts quickly, which can help maintain motivation.

Tips for Faster Debt Payoff

Increase your monthly payment amount whenever possible
Apply any windfalls (tax refunds, bonuses, gifts) to your debt
Consider balance transfer offers for high-interest credit card debt
Look for ways to reduce expenses and increase income
Avoid taking on new debt while paying off existing debt