Debt Payoff Calculator
Multi-debt repayment planner
Enter debts, budget, and payoff priority
Result
Calculation summary
Enter values to see the result
Live balance preview
Avalanche and snowball debt paths
- Starting debt
- $38,000.00
- Monthly budget
- $1,190.00
- Debts
- 3
How to use this calculator
- 1Add each debt with its current balance, APR, and required minimum monthly payment.
- 2Choose a fixed amount above the minimums or enter one total monthly debt budget.
- 3Compare avalanche and snowball, or select one strategy or a custom repayment order.
Formula
Monthly interest estimate = opening balance × APR ÷ 12
Each month applies estimated interest, pays every required minimum, and sends the remaining fixed budget to the current priority debt. Any unused payment cascades to the next debt in the same month.
Calculation steps
- Estimate one month of interest for every open debt from its current balance and APR.
- Apply each debt’s minimum payment, clamping the final payment so the balance cannot become negative.
- Choose the priority debt by highest APR for avalanche, lowest current balance for snowball, or the selected custom order.
- Apply the remaining monthly budget and cascade any surplus to the next priority debt.
- Repeat for up to 1,200 months and record balances, interest, payment allocation, payoff dates, and payoff order.
- Run avalanche, snowball, and a minimum-only baseline separately so their results can be compared without mixing strategies.
Worked example
For three debts totaling 38,000 with 890 in combined minimums and 300 extra per month, the calculator compares the highest-APR-first and lowest-balance-first timelines under the same 1,190 monthly budget.
Assumptions
- APR is divided by 12 to estimate monthly interest; lenders may use daily balances or other methods.
- Payments are applied after monthly interest and no new purchases, fees, penalties, or missed payments are modeled.
- The selected monthly debt budget remains constant, so payments freed by a paid debt roll to the next priority debt.
- The minimum-only baseline does not roll freed minimum payments to other debts and is only a comparison reference.
- Currency selection changes formatting only and does not convert values.
- Results are deterministic estimates, not lender payoff quotes or individualized financial advice.
Sources
Frequently asked questions
What is the debt avalanche method?
It directs extra money to the highest-APR open debt first. Under fixed inputs it will often reduce modeled interest, although lender rules and daily interest can change real results.
What is the debt snowball method?
It directs extra money to the lowest current balance first, which can produce an earlier first payoff even when it does not minimize modeled interest.
Does the total monthly budget fall after a debt is paid?
No. The model keeps the entered total budget constant and rolls the freed payment to the next priority debt.
Why might a plan be reported as unreachable?
A required minimum may not cover estimated monthly interest, or balances may remain after the 1,200-month simulation limit. Increase the budget or check the inputs.
Why can lender statements differ?
Many lenders calculate interest daily and may apply fees, changing rates, different payment dates, or account-specific allocation rules that this planning model does not know.
What does the minimum-only comparison mean?
It models only each account’s stated minimum without rolling a paid account’s former minimum elsewhere. It is a reference baseline, not a recommended payment method.
Are debt names and balances placed in the share link?
No. The canonical page is shared without private debt inputs in the URL.
Can I download the full schedule?
Yes. After calculating, download a CSV containing each monthly debt row, interest, minimum and extra payment allocation, and closing balance.