intajWhen will you be debt-free?
List what you owe, add what you can pay on top of the minimums, and see the month you are debt-free, the order to pay each debt, and how avalanche and snowball compare. Nothing you type is sent anywhere.
An estimate: interest is worked out monthly at the yearly rate you enter, and real lenders may count it a little differently, add fees or change the rate.
Your payoff order
| # | Debt | Paid off | Interest paid |
|---|
How the calculator works
Each month it adds interest to every debt at one twelfth of the yearly rate, pays every minimum, then puts your extra amount on one target debt. When a debt is paid off, its minimum joins the extra for the next one, so the monthly total you pay stays the same until you are debt-free. That rollover is what makes both methods work.
Avalanche or snowball?
Avalanche sends the extra to the highest interest rate first, so it always costs the least interest. Snowball sends it to the smallest balance first, so the first debt disappears sooner, which keeps many people going. The calculator shows both, so you can see what the quick wins cost in your own numbers. Often the gap is small, and the method you stick with beats the one you abandon.
Read the full guide: debt avalanche vs snowball, with a worked example
Questions
Which interest rate should I enter?
The yearly rate on each statement, often called APR. If a card has a promotional rate that ends soon, use the rate that applies after it ends, or the plan will look better than it is.
What if my minimum payment changes every month?
Many card minimums fall as the balance falls. Enter today's minimum: the calculator keeps that amount every month, which is how the rollover plan works, and it pays the debt off sooner than paying only the shrinking minimum.
Should I pay off debt or save first?
Many people keep a small emergency buffer first, so a surprise bill does not go back on a card, then attack the debt. This page cannot judge your situation: it is a calculator, not financial advice.
Is anything I type saved or sent?
No. The calculator runs in your browser and does not store or send what you enter.
Looking for the extra each month? Split your income with the free 50/30/20 budget calculator