Debt Payoff Calculator: See Your Debt-Free Date in Seconds

How to use this calculator

1. Add a row for each debt — a credit card, store card, personal loan or car loan — and enter its current balance, APR (the yearly interest rate) and the minimum monthly payment.
2. Set an extra monthly payment: any amount you can put toward your debt on top of the minimums. Even a small extra payment can cut months off your timeline.
3. Choose the snowball method, the avalanche method, or compare both to see which clears your debt cheaper and faster.
4. Read your results: a projected debt-free date, total interest, interest saved versus paying only the minimums, and the order each debt gets cleared.

Snowball vs. avalanche — which is better?

The debt snowball pays off your smallest balance first, regardless of interest rate. Each time a debt disappears you roll its payment into the next one, building momentum. People often stick with it because the early wins feel motivating.

The debt avalanche pays off your highest interest rate first. Mathematically this almost always costs the least in total interest and is usually the fastest, because you're attacking the most expensive debt.

There's no universally "right" answer: avalanche saves the most money, snowball can be easier to stick to. The calculator above shows both for your exact numbers, so you can decide with real figures. For a deeper dive, read debt snowball vs. avalanche.

What this calculator doesn't include

This is a planning estimate, not a guarantee. To keep it simple and private, it makes a few assumptions:

• All figures are in US dollars (USD).
• Each debt's APR and minimum payment are assumed to stay fixed for the whole payoff period.
• It doesn't account for late fees, annual fees, promotional 0% APR periods, variable rates, or new charges added to a balance.
• Results are estimates and may differ from what your lender reports.

This tool is for general information only and is not financial advice. For decisions about your specific situation, consider speaking with a qualified professional.

Frequently asked questions

Is this debt payoff calculator really free?

Yes. The calculator is completely free to use, with no sign-up required. You can run as many scenarios as you like.

Do my debt numbers get sent anywhere?

No. Every calculation runs entirely inside your browser. Your balances, APRs and payments are never sent to a server, stored, or shared with anyone.

What's the difference between the snowball and avalanche methods?

The snowball method pays off your smallest balance first for quick, motivating wins. The avalanche method targets the highest interest rate first, which usually saves the most money. This calculator shows both side by side so you can choose.

How accurate is the debt-free date?

It's a good estimate based on the numbers you enter and the assumption that your rates, minimum payments and extra payment stay the same. Real-world fees, promotional APRs, rate changes and new charges can shift the actual date.

Does the calculator account for fees or changing interest rates?

No. It assumes a fixed APR and minimum payment for each debt and does not include late fees, annual fees, promotional 0% periods, or variable rates. Use it as a planning estimate, not financial advice.