Debt Payoff Calculator

What this debt payoff calculator does

This calculator estimates how long it will take to pay off multiple debts and how much interest you will pay. It uses the debt avalanche method: extra money goes to the highest-APR debt first, while you continue making the minimum payment on every other debt.

When a debt is paid off, its monthly payment rolls to the next highest-APR debt. The plan continues until every balance reaches zero.

This version includes a recurring extra monthly payment. It does not include the snowball method, one-time or yearly extra payments, debt consolidation, or settlement negotiations.

How to use this calculator

1. Enter a name, balance, monthly payment, and APR for each debt.
2. Add more debts if needed.
3. Enter any extra amount you can pay each month.
4. Click Calculate to see the payoff time and per-debt results.

How the avalanche method works

Each month, the calculator uses a fixed budget:

monthly budget = sum of minimum payments + extra monthly payment

It pays each active debt's minimum, then applies the remaining budget to the highest-APR debt. Once that debt is paid off, its payment becomes part of the extra budget for the next highest-APR debt.

The debt avalanche method usually minimizes total interest compared with paying debts in a different order.

What the results include

• Debt-free in: the total time until every debt is paid off.
• Total payments: the sum of all payments.
• Total interest: the sum of all interest paid.
• Per-debt results: starting balance, APR, minimum payment, payoff date, and total interest.
• Extra monthly: the amount added to the monthly budget.

Frequently asked questions

What is the difference between avalanche and snowball?

Avalanche pays the highest-APR debt first and usually minimizes interest. Snowball pays the smallest balance first and may provide faster psychological wins. This calculator uses avalanche.

Does the payment from a paid-off debt disappear?

No. The calculator keeps the monthly budget constant, so the payment from a paid-off debt rolls to the next highest-APR debt.

Does this calculator include debt consolidation?

No. It models paying the listed debts directly. Debt consolidation is a separate strategy with its own loan terms and fees.

What if my payments are too low?

If the total monthly budget cannot cover the interest being charged, the balances will not decrease. The calculator stops and asks for larger payments.

Source

Reference: Consumer Financial Protection Bureau — Debt Collection.

Disclaimer

This calculator is for informational and planning purposes only. It is not financial advice or a guarantee of payoff terms. Contact your creditors or a qualified financial professional before changing your repayment plan.