Debt payoff calculator
List every debt you owe and see your exact debt-free date. Compare snowball (smallest first) and avalanche (highest APR first) to find your cheapest, fastest path out.
Your action plan
Personalized insights based on your numbers above
A 0% balance transfer card could save thousands
With at least one debt above 18% APR, a 0% balance transfer (typically 12-21 months promo) could save $1,926+ in interest. Watch the 3-5% transfer fee and pay off before the promo ends.
4 debts? Snowball wins on momentum
With 4 debts, snowball method (smallest balance first) creates 4 quick wins to build momentum. Avalanche saves slightly more interest but has higher dropout rates. Behavior beats math.
When debt-free, redirect $200/mo to investing
The discipline that paid off $35,800 is worth more than the debt freedom itself. $200/month invested at 8% for 20 years becomes $1,098+. Turn the snowball into a wealth machine.
Snowball vs avalanche
- Snowball: pay minimums on all debts, dump extras on the smallest balance. Fast psychological wins; you'll quit fewer plans.
- Avalanche: minimums on all, extras on the highest APR. Mathematically optimal — saves the most interest.
- The gap: on typical debt mixes, avalanche saves $500–$2,000 over snowball. Pick the method you'll actually stick with for 24+ months.
Steps that work
- List every debt: balance, APR, minimum payment
- Build a $1,000 starter emergency fund first (prevents new debt during payoff)
- Pay all minimums; commit a fixed extra (e.g., $300/month) to one debt
- When that debt clears, roll its minimum + extras into the next debt
- Final debt benefits from the entire snowball — it pays off fastest
Sample 5-debt payoff
| Debt | Balance | APR | Minimum |
|---|---|---|---|
| Store card | $800 | 28% | $25 |
| Credit card | $4,200 | 22% | $95 |
| Medical bill | $2,500 | 0% | $100 |
| Auto loan | $11,000 | 7% | $255 |
| Student loan | $22,000 | 6.5% | $215 |
With $400 extra/month committed: debt-free in ~5 years. Snowball order: store → CC → medical → auto → student. Avalanche order: store → CC → auto → student → medical.