Debt Payoff Calculator

Compare debt payoff strategies and create your personalized plan to become debt-free.

Total Debt

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Monthly Payment

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Debt-Free Date

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Interest Saved

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vs minimum payments

Add Your Debts

Quick Add:

Your Debts

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{{ formatToCurrency(debt.balance) }} @ {{ debt.rate }}%

Min: {{ formatToCurrency(debt.minPayment) }}/mo

Extra Monthly Payment

How much extra can you pay beyond minimums?

Payoff Strategy Comparison

Minimum Only

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Avalanche

Saves Most

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Saves {{ formatToCurrency(minimumResults.totalInterest - avalancheResults.totalInterest) }}

Snowball

Quick Wins

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Saves {{ formatToCurrency(minimumResults.totalInterest - snowballResults.totalInterest) }}

Avalanche Method: Pay minimums on all debts, put extra money toward the highest interest rate debt first. Mathematically optimal - saves the most money.
Snowball Method: Pay minimums on all debts, put extra money toward the smallest balance first. Provides psychological wins by eliminating debts quickly.
Minimum Payments: Only paying the minimum required. This takes the longest and costs the most in interest.

{{ selectedStrategy === 'avalanche' ? 'Avalanche' : 'Snowball' }} Payoff Order

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Paid off in

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Debt Payoff Progress

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Add Your Debts

Enter your debts on the left to see your personalized payoff plan.

Understanding Debt Payoff Strategies

The Avalanche Method

Order debts by interest rate (highest first). After making minimum payments on all debts, throw every extra dollar at the highest-rate debt.

Pros: Mathematically optimal. Saves the most money on interest.
Cons: May take longer to see debts disappear if your highest-rate debt is also large.

The Snowball Method

Order debts by balance (smallest first). Pay minimums on everything, then attack the smallest debt with everything extra until it's gone.

Pros: Quick psychological wins. Seeing debts disappear keeps you motivated.
Cons: May pay more total interest than avalanche method.

Which Should You Choose?

If you're motivated by math and optimization, choose Avalanche. If you need quick wins to stay motivated, choose Snowball. The best method is the one you'll actually stick with. Both are far better than minimum payments!

Tips for Faster Payoff

  • Negotiate lower interest rates with creditors
  • Consider balance transfer cards (0% intro APR)
  • Use windfalls (tax refunds, bonuses) for lump-sum payments
  • Cut expenses temporarily to increase extra payments
  • Pick up a side hustle dedicated to debt payoff

Disclaimer: This calculator is for educational purposes only. Interest is calculated monthly using a simplified model. Your actual results may vary based on billing cycles, payment timing, and creditor policies.