Debt Payoff Calculator
Create a debt payoff plan and see your debt-free date.
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What is the debt snowball method?
Pay minimums on all debts except the smallest — throw extra money at that one. When it's paid off, roll that payment to the next smallest.
What is the debt avalanche method?
Pay minimums on all debts except the highest interest rate — throw extra money at that one. Saves the most money mathematically.
Which method is better?
Avalanche saves more money. Snowball provides quicker wins for motivation. Choose what you'll stick with.
Should I consolidate my debt?
If you can get a lower interest rate, consolidation saves money. But only if you stop accumulating new debt.
How much should I pay above the minimum?
As much as possible. Even $50 extra per month can save thousands in interest and years off your payoff date.