Debt Payoff Calculator

Create a strategic debt elimination plan using proven methods like debt snowball and avalanche strategies.

Debt Payoff Strategy

Extra Monthly Payment Available

Your Debts

Debt Name

Current Balance ($)

Interest Rate (%)

Minimum Payment ($)

Debt Name

Current Balance ($)

Interest Rate (%)

Minimum Payment ($)

Debt Name

Current Balance ($)

Interest Rate (%)

Minimum Payment ($)

Debt Avalanche Results

2 years 2 months

Time to Debt Free

$2,072

Total Interest Paid

$6,504

Interest Saved

$640

Total Monthly Payment

Payoff Order (avalanche):

#1: Credit Card 222.99% APR

Balance: $3,000

Payoff Time: 1y 0m

Interest: $376

Total Paid: $3,376

#2: Credit Card 118.99% APR

Balance: $5,000

Payoff Time: 1y 1m

Interest: $556

Total Paid: $5,556

#3: Student Loan6.80% APR

Balance: $15,000

Payoff Time: 2y 2m

Interest: $1,140

Total Paid: $16,140

vs. Minimum Payments Only:

Time Saved: 6 years 0 months

Interest Saved: $6,504

💡 Quick Facts

Avg Credit Card APR:~20%

Avg Personal Loan:~10-15%

Min Payment:2-3% balance

Interest Compounds:Daily

📊 Strategy Quick Compare

Debt Avalanche:

✅ Saves most money

✅ Mathematically optimal

❌ Slower initial progress

Debt Snowball:

✅ Quick wins, motivation

✅ Psychological benefits

❌ Costs more in interest

📈 Debt-to-Income Ratios

Healthy Ratios:

Total DTI: < 36%

Credit cards: < 20%

Housing: < 28%

All consumer debt: < 20%

Warning Signs:

DTI > 40%

Only minimum payments

Using credit for necessities

Missing payments