Debt payoff calculator
When you’ll be debt-free with the avalanche or snowball method, and the interest you’ll pay.
About this calculator
This debt payoff calculator plans how to clear several debts at once, such as credit cards, car loans and personal loans. Enter each debt's balance, interest rate and minimum payment.
Add an extra monthly amount and compare the avalanche and snowball methods to see your debt-free date.
How it works
Every month each debt is charged interest and gets its minimum. Anything left over, including the minimums of debts already cleared, goes to the target debt: the highest rate (avalanche) or the smallest balance (snowball).
Last reviewed:
Worked example
- One debt per line: balance, APR, minimum payment: 4500 22.9 120; 12000 6.5 250; 2500 18 60
- Extra each month: $200
- Method: Avalanche: highest rate first
Debt-free in: 2 yr 11 mo
Common questions
Which is better, avalanche or snowball?
Avalanche, paying the highest rate first, always costs the least interest. Snowball, paying the smallest balance first, gives quicker wins that help many people stay motivated. The calculator shows both.
How much difference does extra money make?
A lot. Even $100 a month on top of the minimums can cut years and thousands in interest. Try different amounts.
Should I consolidate my debts?
A consolidation loan at a lower rate can save interest, but only if you don't build up new debt on the cards you've cleared. Compare the new loan's total cost first.
Sources and further reading
The story behind it
Where the idea came from: The personal finance writer Dave Ramsey popularised the debt snowball in the 1990s. The avalanche is the cheaper alternative in pure maths.
Studies have found that people who clear small debts first are more likely to stick to their plan, even though it costs a little more. The best method is the one you will keep going with, and this calculator shows the trade-off.
Why you can trust this calculator
- It runs in your browser. Nothing you type into it is sent anywhere.
- The method is explained on this page, so you can check it yourself.
- Free to use, with no sign-up.
- Results are estimates, not financial advice.
- Spotted a mistake? Tell us and we'll look into it.
After 15 years as a mathematics educator, I built CalculStore to give students, teachers, professionals and anyone working with numbers simple, reliable tools.
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