📊 Debt Payoff Calculator
Debt Payoff Calculator — All Debts, Your Strategy
Calculate your debt-free date for all loan types — mortgages, student loans, auto loans, personal loans, medical bills. Compare avalanche and snowball strategies and see your payoff timeline.
🏠 All Debt Types
🏔️ Avalanche Strategy
⛄ Snowball Strategy
📅 Debt-Free Date
Debt Payoff Calculator
All debt types · Avalanche, Snowball & Minimum
Monthly Budget
$
Strategy
Your Debts
Name
Balance
Min Pmt
APR%
Extra Payment Impact
$
Your Path to Debt Freedom
Add all your debts — mortgage, student loans, car, credit cards, personal loans. Set your monthly budget and choose a strategy. See exactly when you'll be debt-free and how much you'll save.
Avalanche
Lowest total interest
Snowball
Fastest quick wins
$Extra
See impact instantly
📅 Date
Exact payoff date
🎉 Projected Debt-Free Date
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using selected strategy
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Months
$0
Total Debt
$0
Total Interest
$0
vs Min Only
📈 Debt Balance Over Time
📋 Per-Debt Payoff Schedule
| Debt | Balance | APR | Min Pmt | Interest | Paid Off |
|---|
Debt Payoff Strategies Compared
| Strategy | Order | Best For | Interest Saved |
|---|---|---|---|
| 🏔️ Avalanche | Highest APR first | People motivated by saving money | Maximum |
| ⛄ Snowball | Smallest balance first | People who need early wins for motivation | Near-maximum |
| ⚠️ Min Only | No focused extra | Emergency cash-flow situations only | None — worst outcome |
Debt Priority Guide by Interest Rate
| Debt Type | Typical APR | Priority | Recommendation |
|---|---|---|---|
| 💳 Credit Cards | 18–30% | 🔴 Highest | Pay aggressively — avalanche these first |
| 💊 Medical Debt | 0–18% | 🔴 High | Negotiate; many hospitals offer 0% plans |
| 💰 Personal Loans | 8–25% | 🟠 High–Moderate | Pay above minimum; compare to investments |
| 🚗 Auto Loans | 4–12% | 🟡 Moderate | Pay on schedule; extra payment helps |
| 🎓 Student Loans | 4–8% | 🟡 Moderate | Compare to investment returns before extra pay |
| 🏠 Mortgage | 3–8% | 🟢 Low | Investing may outperform extra payments long-term |
Frequently Asked Questions
The fastest payoff comes from the avalanche method: (1) List all debts by interest rate, highest first. (2) Pay minimums on everything. (3) Direct all extra money to the highest-rate debt. (4) When it's paid off, add that freed payment to the next debt. The "debt roll" compounds — each payoff accelerates the next. The snowball method (smallest balance first) is nearly as fast and better for people who need psychological momentum.
Compare the guaranteed return of debt payoff vs expected investment return. High-interest debt (credit cards 18-30%): always pay first — that's a guaranteed 18-30% return. Moderate debt (8-15%): borderline — consider both. Low-rate debt (mortgage 4-7%, student loans 5-7%): investing in a diversified stock portfolio (historically ~10%) may outperform extra payments. Always capture your employer's 401k match first — it's an instant 50-100% return.
Extra payments have massive impact on high-interest debts. On a $10,000 personal loan at 14% APR: paying $200/month = 70 months, $3,900 interest. Paying $300/month = 42 months, $2,200 interest. Paying $400/month = 29 months, $1,450 interest. The earlier extra payments start, the more they save because interest compounds on the remaining balance. Use our "Extra Payment Impact" field to see your exact savings.
Debt consolidation combines multiple debts into a single loan (usually at a lower rate). Good candidates: multiple high-rate credit cards that can be consolidated into a personal loan at 8-12%. Balance transfer cards with 0% intro APR (watch the transfer fee and post-promo rate). Home equity loans (careful — unsecured debt becomes secured by your home). Consolidation only helps if the new rate is meaningfully lower AND you change the spending habits that created the debt.