The Debt Payoff Planner helps you create a personalized debt elimination strategy. Enter your debts, compare the Snowball and Avalanche methods side by side, and see exactly when you will be debt-free. Discover how extra payments can save you thousands in interest and shave months or even years off your payoff timeline. This free debt payoff calculator requires no signup and runs entirely in your browser.
Enter each debt with its current balance, interest rate, and minimum payment.
Balance must be greater than $0
Minimum payment must be greater than $0
Gather information about every debt you owe, including the current balance, interest rate (APR), and minimum monthly payment. Include credit cards, student loans, car loans, and any other debts.
Select either the Snowball method (pay off smallest balances first for quick motivational wins) or the Avalanche method (pay off highest interest rates first to save the most money).
Review your budget and decide how much extra money you can put toward debt each month beyond the minimums. Even $50 to $100 extra can make a significant difference.
Each month, pay the minimum on all debts. Put your entire extra payment toward the target debt. When one debt is paid off, roll its payment into the next target debt.
Check off each month as you make payments. Seeing your progress builds motivation and keeps you on track to becoming debt-free.
The two most popular debt repayment strategies are the Snowball and Avalanche methods. The Snowball method, popularized by Dave Ramsey, focuses on paying off the smallest balance first regardless of interest rate. You make minimum payments on all debts and throw every extra dollar at the smallest one. When it is paid off, you roll that entire payment into the next smallest debt, creating a growing "snowball" of payments. The Avalanche method takes the mathematically optimal approach: you target the debt with the highest interest rate first, then the next highest, and so on. This minimizes the total interest you pay over the life of your debts.
Even a small extra payment each month can dramatically reduce your debt payoff timeline. For example, adding just $100 per month to a $10,000 credit card balance at 22% APR with a $200 minimum payment could save you over $5,000 in interest and cut your payoff time nearly in half. The key is consistency: every extra dollar goes directly toward reducing principal, which means less interest accrues the following month. Use the extra payment slider in the calculator above to see exactly how much you could save. Consider reviewing your monthly budget to find extra money for debt repayment.
Research from Harvard Business Review and the Kellogg School of Management shows that people who use the Snowball method are more likely to successfully eliminate their debt. While the Avalanche method saves more money on paper, the quick wins from paying off small debts provide powerful psychological motivation. When you see a debt disappear completely, it reinforces the habit and makes you feel in control. That said, if the interest rate difference is significant and you are a disciplined person, the Avalanche method can save you hundreds or even thousands of dollars. Our planner calculates both so you can make an informed choice. Need to calculate a single loan payment? Try our Loan Calculator.
Once you become debt-free, redirect those payments toward building wealth. Start with a full emergency fund covering 3 to 6 months of expenses, then contribute to retirement accounts and other savings goals. The habits you build while paying off debt, such as budgeting, tracking spending, and making consistent payments, translate directly into wealth-building behaviors. Many people find that the discipline of debt repayment becomes the foundation for long-term financial success.
Calculate monthly loan payments, view amortization schedules, compare loan options, and model extra payment savings.
Plan your monthly budget using the 50/30/20 rule or custom categories. Visualize spending limits and stay on target.
Find out how much to save each month to reach your target by your deadline. Visualize your progress toward any goal.
Add up your assets and liabilities to see your total net worth instantly. Understand where you stand financially.
Disclaimer: This tool is provided for informational and educational purposes only. It does not constitute financial, tax, investment, or legal advice. Results are estimates based on the inputs you provide and may not reflect actual financial outcomes. Always consult a qualified financial professional before making financial decisions.
