Debt payoff calculator
By FinTools Content updated
Debts
Add each balance with its fixed APR and planned monthly minimum.
Payoff settings
Minimum payments are paid first. Extra payment and paid-off minimums roll to the current target debt.
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Avalanche vs. snowball
Avalanche usually minimizes interest. Snowball can create earlier small-balance wins.
Payoff order
Rows show the selected strategy order and estimated interest for each entered debt.
- Credit card$6,400 at 22.9% APR, paid in month 16$1,032 interest
- Personal loan$11,800 at 9.5% APR, paid in month 29$1,778 interest
- Car loan$4,200 at 5.2% APR, paid in month 30$363 interest
Balance over time
Total remaining debt after monthly interest, minimums, extra payment, and rollover.
Monthly schedule
The schedule uses fixed APRs and fixed minimum payments. Actual lender payoff amounts can differ.
| Month | Target | Payment | Principal | Interest | Remaining |
|---|---|---|---|---|---|
| 1 | Credit card | $860 | $626 | $234 | $21,774 |
| 2 | Credit card | $860 | $635 | $225 | $21,139 |
| 3 | Credit card | $860 | $644 | $216 | $20,495 |
| 4 | Credit card | $860 | $653 | $207 | $19,842 |
| 5 | Credit card | $860 | $662 | $198 | $19,180 |
| 6 | Credit card | $860 | $671 | $189 | $18,508 |
| 7 | Credit card | $860 | $681 | $179 | $17,828 |
| 8 | Credit card | $860 | $691 | $169 | $17,137 |
| 9 | Credit card | $860 | $700 | $160 | $16,437 |
| 10 | Credit card | $860 | $710 | $150 | $15,726 |
| 11 | Credit card | $860 | $721 | $139 | $15,006 |
| 12 | Credit card | $860 | $731 | $129 | $14,275 |
| 13 | Credit card | $860 | $741 | $119 | $13,534 |
| 14 | Credit card | $860 | $752 | $108 | $12,782 |
| 15 | Credit card | $860 | $763 | $97 | $12,019 |
| 16 | Personal loan | $860 | $774 | $86 | $11,245 |
| 17 | Personal loan | $860 | $781 | $79 | $10,464 |
| 18 | Personal loan | $860 | $786 | $74 | $9,678 |
| 19 | Personal loan | $860 | $792 | $68 | $8,885 |
| 20 | Personal loan | $860 | $798 | $62 | $8,087 |
| 21 | Personal loan | $860 | $804 | $56 | $7,283 |
| 22 | Personal loan | $860 | $810 | $50 | $6,473 |
| 23 | Personal loan | $860 | $816 | $44 | $5,657 |
| 24 | Personal loan | $860 | $822 | $38 | $4,834 |
| 25 | Personal loan | $860 | $828 | $32 | $4,006 |
| 26 | Personal loan | $860 | $835 | $25 | $3,171 |
| 27 | Personal loan | $860 | $841 | $19 | $2,330 |
| 28 | Personal loan | $860 | $847 | $13 | $1,483 |
| 29 | Car loan | $860 | $854 | $6 | $629 |
| 30 | Car loan | $632 | $629 | $3 | $0 |
Formula and methodology
The calculator estimates monthly interest as remaining balance multiplied by APR divided by 12. Each month, active debts receive their minimum payments first, then extra payment and paid-off minimums roll into the selected target debt. Treating APR as the interest rate is a simplification; a loan APR that includes fees may differ from the rate actually accruing on the balance.
Avalanche and snowball
Avalanche targets the highest APR debt first, with smaller balances breaking ties. Snowball targets the smallest balance first, with higher APR breaking ties. Both use the same debt inputs and extra payment.
Assumptions
APRs and minimum payments are treated as fixed. The schedule does not include new charges, fees, promotional APR periods, skipped payments, changing credit-card minimums, or balance transfers.
Limitations
Real payoff amounts can differ because lenders calculate interest, statement dates, minimums, and final payoff quotes differently. Confirm actual amounts and due dates with each creditor.
No advice or account data
This educational calculator uses only the assumptions you enter in your browser. It does not connect to accounts, use live rates, recommend a lender, settle debt, or provide personalized financial advice.
Need help?
See the debt payoff calculator help page for inputs, methodology, FAQ, and troubleshooting.
Related calculators
Compare this topic with the APY , Compound interest , Investment pages.
Avalanche vs snowball in practice
Both strategies make every minimum payment first, then aim all extra money at one target debt at a time. The only difference is which debt gets targeted, and that single choice changes both how much interest you pay and how the plan feels along the way.
How each strategy orders your debts
Avalanche targets the highest APR first, so each extra dollar cancels the most expensive interest available in this fixed-rate, no-fee model with the same payment budget and all minimums met. Snowball targets the smallest balance first for earlier individual payoffs. The freed-up minimum joins the extra payment under either strategy. Actual costs can differ with changing rates or loan terms.
A two-debt worked example
Take a $3,000 credit card at 22% APR with an $80 minimum and an $8,000 loan at 8% APR with a $200 minimum, plus $150 extra each month. Avalanche sends the extra to the card despite its smaller balance, because each dollar there retires interest accruing at 22 cents on the dollar per year versus 8. With the card also being the smaller balance, snowball happens to pick the same target here — the strategies only diverge when the cheapest debt to carry is also the smallest one.
Why extra payments early matter most
Interest accrues on the remaining balance each month, so a dollar of principal paid today stops generating interest for the entire rest of the schedule. The same compounding that builds savings, shown in the compound interest calculator, runs against you on debt. The APY calculator illustrates nominal-rate compounding; it does not convert a fee-inclusive loan APR into an exact borrowing cost.
When minimum payments barely move the balance
On a high-APR card, much of a minimum payment is consumed by that month's interest. At 22% APR, a $3,000 balance accrues about $55 of interest a month, so an $80 minimum retires only about $25 of principal. Even a modest fixed extra payment changes that ratio dramatically, and once the debts are gone the same monthly amount can switch sides and start compounding for you in the investment calculator. For a fuller comparison of the two strategies, read Avalanche vs Snowball.
Sources and context
Primary references for the concepts above. The formulas and limitations on this page describe the FinTools model; these sources do not validate its results or endorse the project.