🔧 Debt Payoff Calculator

Professional debt payoff calculator with snowball and avalanche strategies for optimal debt elimination

Debt 1 Name:

Name or description of first debt

Debt 1 Balance ($):

Current balance of first debt

Debt 1 Interest Rate (%):

Annual interest rate for first debt

Debt 1 Minimum Payment ($):

Minimum monthly payment for first debt

Debt 2 Name (Optional):

Name of second debt

Debt 2 Balance ($):

Current balance of second debt

Debt 2 Interest Rate (%):

Annual interest rate for second debt

Debt 2 Minimum Payment ($):

Minimum monthly payment for second debt

Debt 3 Name (Optional):

Name of third debt

Debt 3 Balance ($):

Current balance of third debt

Debt 3 Interest Rate (%):

Annual interest rate for third debt

Debt 3 Minimum Payment ($):

Minimum monthly payment for third debt

Extra Monthly Payment ($):

Additional amount you can pay toward debt each month

Payoff Strategy:

Choose your preferred debt payoff strategy

Show Payment Schedule:

Display month-by-month payment breakdown

Show Payment Schedule

How to Use This Debt Payoff Calculator

Basic Usage:

Fill in the required fields above
Adjust any optional settings as needed
Click the button to generate your result
Copy or download the output

Tips: This debt payoff calculator provides instant results and works entirely in your browser for privacy.

When You Might Need This

• Credit card debt elimination with snowball strategy
• Student loan payoff planning and optimization
• Personal loan consolidation and payment scheduling
• Debt-to-income ratio improvement planning
• Financial goal setting with debt freedom targets

Frequently Asked Questions

What's the difference between debt snowball and avalanche methods?

Debt snowball focuses on paying smallest balances first for psychological wins, while debt avalanche targets highest interest rates first to minimize total interest paid. Both strategies have merit depending on your motivation style.

How much can I save with extra payments?

Extra payments can save thousands in interest and years of payments. Even an extra $50-100 monthly can significantly accelerate your debt freedom timeline and reduce total interest costs.

Should I pay minimums on all debts or focus on one?

Always pay minimums on all debts to avoid penalties, then apply extra payments to your target debt based on your chosen strategy (snowball or avalanche method).

Debt Payoff Results: