Debt Payoff Calculator
Free debt payoff calculator. Compare avalanche vs snowball methods. See total interest, payoff time, and savings from extra payments.
Your Debts
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4.5 years
54 months
$5,922
$0
vs minimum payments
0.0 years
0 months
Debt Summary
Total Debt
$48,000
Monthly Payment
$1,390
Total Cost
$53,922
Payoff Order
1Credit Card 1Month 9 (0.8 years)
2Credit Card 2Month 14 (1.2 years)
3Car LoanMonth 28 (2.3 years)
Payoff Strategies
Avalanche Method: Pay off debts with highest interest rates first. Mathematically optimal - saves the most money in interest.
Snowball Method: Pay off smallest balances first. Builds momentum with quick wins for motivation.
Debt Payoff Tips
- Always pay at least the minimum on all debts
- Consider balance transfer cards for high-interest debt
- Build a small emergency fund to avoid new debt
- Celebrate milestones to stay motivated
- Avoid taking on new debt while paying off existing debt
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Last updated: January 2026
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Frequently Asked Questions
What's the difference between avalanche and snowball methods?
Avalanche pays highest-interest debt first, saving the most money mathematically. Snowball pays smallest balances first, providing psychological wins for motivation. With $10,000 total debt, avalanche might save $500-1,000 in interest, but snowball's quick victories help many people stick to their plan.
How much faster can I pay off debt with extra payments?
Even small extra payments make a big difference. On $20,000 at 18% APR with $400 minimum payments: Adding $100/month cuts payoff from 94 months to 47 months—saving $8,500 in interest. Use windfalls (tax refunds, bonuses) for lump-sum payments to accelerate even faster.
Should I pay off debt or save first?
Start with a $1,000 mini emergency fund to avoid new debt for unexpected expenses. Then attack high-interest debt (above 7-8%). Once paid off, build 3-6 months of expenses in savings. Exception: Always capture employer 401(k) matching—it's free money (often 50-100% return).
Is debt consolidation a good idea?
Consolidation can help if you get a lower interest rate and won't run up new debt. A balance transfer to 0% APR or personal loan at 8% beats 20%+ credit cards. However, closing cards hurts credit scores, and longer terms may mean more total interest despite lower rates.
How do I stay motivated while paying off debt?
Track progress visually (charts, thermometers). Celebrate milestones (every $1,000 paid). Find an accountability partner. Calculate your 'debt-free date' and count down. Remember: each payment increases your net worth. Many find the snowball method more motivating despite costing slightly more.