Debt Payoff Calculator
The Debt Payoff Calculator takes all your outstanding debts — credit cards, personal loans, student loans — and compares two popular repayment strategies: the avalanche method (highest rate first) and the snowball method (smallest balance first). For each strategy it shows the payoff timeline, total interest paid, and a month-by-month breakdown of which debts are being attacked. The avalanche method minimizes total interest, while the snowball method provides quicker psychological wins. Use this calculator to build a concrete debt elimination plan. Even if you choose the snowball method for motivation, seeing the interest cost difference helps you make an informed trade-off between math and momentum.
Payoff Time
41 months
Total Paid
$20,077.52
Total Interest
$5,077.52
| Month | Debt | Payment | Interest | Principal | Balance |
|---|---|---|---|---|---|
| 1 | Debt | $500 | $225 | $275 | $14,725 |
| 2 | Debt | $500 | $221 | $279 | $14,446 |
| 3 | Debt | $500 | $217 | $283 | $14,163 |
| 4 | Debt | $500 | $212 | $288 | $13,875 |
| 5 | Debt | $500 | $208 | $292 | $13,583 |
| 6 | Debt | $500 | $204 | $296 | $13,287 |
| 7 | Debt | $500 | $199 | $301 | $12,986 |
| 8 | Debt | $500 | $195 | $305 | $12,681 |
| 9 | Debt | $500 | $190 | $310 | $12,371 |
| 10 | Debt | $500 | $186 | $314 | $12,057 |
| 11 | Debt | $500 | $181 | $319 | $11,738 |
| 12 | Debt | $500 | $176 | $324 | $11,414 |
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