Debt Payoff Calculator
See when you’ll be debt-free, how much interest you’ll pay, and how much faster an extra payment gets you there. Compare paying the highest rate first with paying the smallest balance first.
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How this calculator works
Every month it pays the minimum on each debt, then puts your extra payment toward one target debt. When that debt is paid off, its payment rolls into the next one, so your payoff speeds up as you go. It assumes no new charges and that your rates stay the same.
Highest rate first or smallest balance first?
Highest interest rate first (often called the avalanche) always costs the least. Every extra dollar goes where interest is most expensive.
Smallest balance first (often called the snowball) usually costs a little more, but you see debts disappear sooner. For many families, those early wins are what keep them going. The best method is the one you’ll stick with, and this calculator shows exactly what the difference costs.
Where does the extra money come from?
A spending plan usually finds it: a subscription you don’t use, a few meals out, or a raise or bonus put to work instead of absorbed. The Money Plan helps you balance debt payoff with your emergency fund, retirement and other goals.
Want more help? Read how to build a debt payoff plan.