Debt Payoff
Calculate how long to pay off debt with extra payments
Calculators on this site provide estimates for general informational purposes only. They are not financial, investment, tax, or legal advice. Consult a qualified professional before making any decision.
How to use Debt Payoff
- 1List all debts: balance, rate, minimum payment.
- 2Pick a strategy: avalanche (highest rate first) or snowball (smallest balance first).
- 3See total payoff time, total interest, and the boost from paying extra.
Pay off debt fastest: avalanche vs snowball
each min payment = balance×r×(1+r)^n ÷ ((1+r)^n − 1)Both methods concentrate extra cash on one debt: avalanche goes high-rate first (least total interest); snowball goes small-balance first (more motivation, easier to stick).
The wider the rate gap, the more avalanche saves; if rates are close, results are similar—pick the one you'll keep doing.
This tool simulates both strategies' time and interest so you choose a plan that saves money and is sustainable, avoiding minimum-payment compound trap.
Frequently asked questions
Avalanche or snowball?
Math favors avalanche (high rate first) for least interest; snowball (small first) uses early 'one paid off' wins to keep going. Pick what you'll finish.
Risk of minimum-only payments?
Minimums mostly cover interest, principal drops slowly, and credit-card compounding balloons balance for years with huge total interest.
Does paying extra help?
A lot. Any extra hits principal, later interest stops, shortening the cycle and saving interest (check prepayment allowance).
More Tools
Mortgage
Calculate monthly payments, view amortization schedule, and visualize your loan
Compound Interest
Calculate compound interest on investments with regular contributions
Loan
Calculate monthly payments for personal, auto, or any loan type
Retirement
Plan your retirement with savings projections and income planning