📋Your Debts
NameBalanceAPRMin/mo
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Payoff Order (Avalanche)
1Credit Cardpaid off in 1y 9m$1,336 int.
2Personal Loanpaid off in 2y 2m$722 int.
3Car Loanpaid off in 2y 11m$1,691 int.
This Debt Payoff Calculator models paying off several debts at once. It runs two proven strategies — the debt avalanche (highest interest rate first) and the debt snowball (smallest balance first) — and shows how many months each takes, the total interest you'll pay, and the order your debts disappear.
It also compares your plan against making minimum payments only, so you can see exactly how much time and interest your extra payment saves.
Balanceₘ₊₁ = (Balanceₘ × (1 + APR/12)) − PaymentₘPayments above the combined minimums are directed to one focus debt at a time. When a debt hits zero, its minimum payment rolls into the extra applied to the next debt.
Avalanche vs. snowball on $22,000 of debt
$6,000 card at 22.9%, $12,000 car loan at 7.5%, $4,000 personal loan at 12% — with $200 extra per month.
Avalanche pays the 22.9% card first and saves the most interest; snowball clears the $4,000 loan first for an early win. Both finish far ahead of minimum-only payments.
The power of the extra payment
Adding $200/month on top of minimums versus paying minimums only.
The extra payment can shave years off the timeline and save thousands in interest — because every extra dollar attacks principal directly.
Methodology
Each month interest accrues at APR ÷ 12 on every balance, minimum payments are applied, then any extra (plus freed minimums from cleared debts) is funneled to the focus debt. Avalanche targets the highest APR; snowball targets the smallest balance.
The debt avalanche pays off the highest-APR debt first, minimizing total interest — the mathematically cheapest path. The debt snowball pays off the smallest balance first for quick motivational wins. This calculator shows both so you can weigh money saved against momentum.
Every dollar above the minimum goes straight to principal, shrinking the balance that future interest is charged on. When a debt is cleared, its minimum is rolled into the extra applied to the next debt — that snowballing is why payoff accelerates.
A common path: build a ~$1,000 starter emergency fund, attack high-interest debt (credit cards at 18-25%), then build a full 3-6 month fund. Paying off a 22% card is a guaranteed 22% return — better than most investments.
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Disclaimer: Calculations are for informational purposes only and do not constitute professional financial advice. Please consult with a certified professional before making financial decisions.