Debt payoff calculator help

By FinTools Content updated September 8, 2026

The Debt Payoff Calculator builds a month-by-month payoff schedule from your debts' balances, APRs, and minimum payments, plus one extra monthly payment, entirely in your browser.

How The Schedule Works

Monthly interest is estimated as the remaining balance multiplied by APR divided by 12. Every active debt receives its minimum payment first; the extra payment and any freed-up minimums from paid-off debts roll into the strategy's current target debt. This treats APR as the interest rate; fee-inclusive loan APRs may differ from the rate used to accrue interest on the balance.

Strategies

Avalanche orders targets by highest APR to reduce interest in the fixed-rate model. Snowball orders targets by smallest balance for earlier individual payoffs. The calculator shows both timelines from the same inputs so you can compare projected costs under its assumptions.

Assumptions

APRs and minimum payments are treated as fixed for the whole schedule. New charges, fees, promotional APR windows, skipped payments, changing credit-card minimums, and balance transfers are not modeled.

Limitations

Real payoff amounts can differ because lenders calculate interest accrual, statement dates, minimums, and final payoff quotes differently. The calculator does not connect to accounts, use live rates, or recommend lenders, and it is not debt or financial advice.

Related Calculators

Compare quoted rates with the APY calculator, see the same compounding working for savings in the compound interest calculator, or redirect a finished debt payment into the investment calculator.

FAQ

What is the difference between 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 make minimum payments first and use the same fixed rates and budget. Actual costs can differ with fees, changing rates, or special loan terms.

How are extra payments applied?

Each month, every active debt receives its minimum payment first. The extra payment, plus the freed-up minimums of any already-paid-off debts, then goes entirely to the current target debt chosen by the selected strategy.

Why does my payoff date differ from my lender's statement?

The calculator estimates monthly interest as balance times APR divided by 12 and treats APRs and minimums as fixed. Lenders use daily accrual, statement cycles, changing card minimums, and payoff quotes that include accrued interest, so always confirm exact amounts with each creditor.

Can I model promotional 0% APR periods?

Not directly. APRs are fixed for the whole schedule, so a promotional 0% period that later jumps to a standard rate is not modeled. As a rough workaround, run separate schedules for the promotional and post-promotional periods.