Debt Payoff Calculator
Calculates time and total interest to eliminate debt using avalanche or snowball methods
Enter debt details to calculate your payoff timeline
The total interest you will pay until the debt is cleared
Principal plus interest over the payoff period
The projected month and year you will be debt-free
Frequently Asked Questions
How long will it take to pay off my debt?
It depends on your balance, interest rate, and monthly payment. The formula accounts for compound interest. Even a small increase in monthly payments can dramatically reduce payoff time. Doubling the minimum payment can cut payoff time by more than half.
What is the avalanche vs snowball method?
Avalanche: pay minimums on all debts, put extra money toward the highest interest rate debt first. This saves the most money. Snowball: pay off the smallest balance first for psychological wins. Both work; avalanche is mathematically optimal.
Why is my payoff date so far away?
Minimum payments are designed to keep you in debt. On a $5,000 credit card at 20% APR, minimum payments ($100/month) take 9+ years and cost $6,000+ in interest. Paying $200/month cuts it to 2.5 years and $2,000 in interest.
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