Debt Payoff Calculator

Choose between snowball and avalanche methods to eliminate your debts faster

Payoff Strategy

Debt Snowball - Pay minimums on all debts, put extra toward smallest balance

Debt Avalanche - Pay minimums on all debts, put extra toward highest interest rate

Extra Monthly Payment

$

Additional amount you can pay monthly toward debts

Your Debts

Debt Name

Balance

$

Interest Rate

%

Min Payment

$

Debt Name

Balance

$

Interest Rate

%

Min Payment

$

Debt Payoff Tips

Choose the right strategy and accelerate your journey to financial freedom with these proven methods.

US Debt Management:

Credit Cards: Average APR is 16-24%, prioritize high-interest cards first
Student Loans: Consider income-driven repayment plans, loan forgiveness programs
Consolidation: Balance transfer cards offer 0% APR for 12-21 months
Tax Benefits: Student loan interest deduction up to $2,500 annually
Emergency Fund: Keep $1,000 minimum while paying off high-interest debt

Snowball vs Avalanche:

Debt Snowball (Psychological)

Pay smallest balances first
Quick wins build momentum
Better for motivation
May cost more in interest

Debt Avalanche (Mathematical)

Pay highest interest rates first
Saves more money overall
Faster debt elimination
Requires more discipline