Debt Payoff Calculator

This tool simulates paying off up to four debts month by month with a fixed monthly budget. Enter each balance, its interest rate and its minimum payment, plus any extra you can add, then choose the snowball order, which clears the smallest balance first, or the avalanche order, which clears the highest rate first. You get the months to debt free, the payoff order, the total interest and the total paid, and the second tab runs both strategies side by side. Interest is posted once a month on the remaining balance, so a card that changes its rate or its minimum payment will drift away from these numbers.

Calculator Type

Debt 1 Balance ($) *

Debt 1 Interest Rate (%)

Debt 1 Minimum Payment ($) *

Debt 2 Balance ($)

Debt 2 Interest Rate (%)

Debt 2 Minimum Payment ($)

Debt 3 Balance ($)

Debt 3 Interest Rate (%)

Debt 3 Minimum Payment ($)

Debt 4 Balance ($)

Debt 4 Interest Rate (%)

Debt 4 Minimum Payment ($)

Extra Paid Each Month ($)

Added on top of every minimum and aimed at the target debt.

Strategy

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