Use this debt payoff calculator to build a plan for paying off credit cards, car loans, personal loans and other debts. Enter each debt and how much extra you can pay each month, then compare the debt avalanche and debt snowball methods to see your debt-free date, total interest and the order to pay off each balance.
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Compare payoff methods
| Method | Debt-free in | Total interest | First debt gone |
|---|
Your payoff order
| Debt | Paid off | Interest paid |
|---|
Total debt over time
Estimates only. Assumes fixed minimum payments, no new charges and interest compounded monthly. Credit card minimums often fall as your balance drops, which would make "minimums only" take even longer.
Debt avalanche vs. debt snowball
Both methods work the same way: you keep paying the minimum on every debt and put every extra dollar toward one target debt. When that debt is paid off, its minimum payment rolls into the next one, so your payments snowball over time. The only difference is which debt you target first.
- Debt avalanche: pay off the debt with the highest interest rate first. This always costs the least in interest.
- Debt snowball: pay off the smallest balance first. You’ll clear individual debts sooner, which can keep you motivated.
Example: with two credit cards ($6,000 at 24.99% and $2,500 at 19.99%), a $12,000 car loan at 7.5% and a $4,500 personal loan at 12%, the minimum payments total $705 a month. Adding $200 a month:
| Method | Debt-free in | Total interest | First debt paid off |
|---|---|---|---|
| Avalanche | 2 years 9 months | $4,522 | Month 20 |
| Snowball | 2 years 10 months | $5,007 | Month 10 |
| Minimum payments only | 4 years 10 months | $8,254 | Month 36 |
Avalanche saves $485 and finishes a month sooner. Snowball wipes out the first debt at month 10 instead of month 20. Either one beats paying only the minimums by more than $3,000 and two years.
Which method should you choose?
If you’re confident you’ll stick with the plan, avalanche is the better deal mathematically. The gap grows when your highest-rate debt is also a large balance, as with credit cards, which charged an average of 22.36% on accounts paying interest in August 2026, according to the Federal Reserve.
If you’ve struggled to stay on track before, snowball may work better. Researchers at Northwestern University’s Kellogg School of Management studied nearly 6,000 people in a debt settlement program and found that closing out individual accounts was a better predictor of eliminating all their debt than the share of dollars repaid. Quick wins can help you keep going.
When the difference is small, as in the example above, pick the method you’ll actually follow. Switch between the tabs in the calculator to see both plans for your debts.
How much extra should you pay?
Even a small extra payment makes a big difference. Using the same four debts with the avalanche method:
| Extra each month | Debt-free in | Total interest |
|---|---|---|
| $0 (minimums rolled over) | 3 years 11 months | $7,854 |
| $100 | 3 years 3 months | $5,647 |
| $200 | 2 years 9 months | $4,522 |
| $500 | 2 years | $2,962 |
Notice the first row: even with no extra money, simply rolling each paid-off debt’s minimum into the next one gets you out of debt almost a year sooner than paying only the minimums. Look for extra cash in a tax refund, a raise, or a budget cut, and keep a small emergency fund so a surprise bill doesn’t go on a credit card.
Other ways to pay off debt faster
- Consolidate high-rate debt. A personal loan at a lower rate can cut your interest. Use our personal loan calculator to compare, and read our guide to personal loans.
- Ask for a lower rate. Card issuers sometimes lower rates for customers with a good payment history.
- Stop adding new debt. The plan only works if balances aren’t growing.
- Watch your credit improve. Lower balances reduce your credit utilization. See how to build credit and check your credit report.
Frequently asked questions
What is the difference between the debt snowball and debt avalanche?
Both pay minimums on every debt and put extra money toward one target. The avalanche targets the highest interest rate first, which saves the most money. The snowball targets the smallest balance first, which pays off individual debts sooner and can help you stay motivated.
Is the debt avalanche or snowball better?
The avalanche always costs less interest, so it’s better if you’ll stick with it. The snowball can be better if quick wins help you stay on track. If the interest difference is small, choose the one you’re more likely to follow.
How long will it take to pay off my debt?
It depends on your balances, interest rates and how much you pay each month. Enter your debts in the calculator to see your debt-free date. In our example, $25,000 of debt takes 4 years 10 months with minimum payments, but 2 years 9 months with an extra $200 a month using the avalanche method.
Should I pay off debt or save money first?
Many people keep a small emergency fund first so unexpected expenses don’t end up on a credit card, then focus extra money on high-interest debt. Paying off debt charging over 20% interest is hard to beat with any savings account.
What happens when I pay off one debt?
Its minimum payment rolls into the next debt on your list, so the amount you pay toward your remaining debts grows. This rollover is what makes both the snowball and avalanche methods faster than paying only the minimums.
This calculator provides estimates for educational purposes only and is not financial advice. Sources: Federal Reserve: credit card interest rate, accounts assessed interest; Kellogg Insight: To Beat Debt, Consider Starting Small.