Debt Payoff Calculator
Enter your debts in the table below — name, balance, APR, and minimum payment. The calculator instantly shows which payoff strategy saves the most interest and when you'll be debt-free.
Your Debts Enter each debt on one row
| Debt name (credit card, loan…) | Balance | APR % | Min. payment |
|---|
Payoff Acceleration Optional — speeds up payoff
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Extra $200/mo typically saves $3,000–$8,000 in interest on average debt loads. 2026 brackets: 22% ($47k–$103k), 24% ($103k–$197k), 32% ($197k–$250k).
Total Debt Balance
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Enter debts above to see results
Debt Payoff Schedule
Methodology: Monthly interest = balance × (APR ÷ 12). Avalanche: highest APR attacked first. Snowball: lowest balance first. Freed minimums roll forward to next target. Minimum payments floor at $10 or balance. Results are projections — actual payoff depends on making consistent payments.
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Frequently asked questions
Avalanche vs. snowball — which debt method is better?
The avalanche method (highest interest rate first) mathematically saves the most money and time. The snowball method (smallest balance first) can keep you motivated with quick wins. Avalanche is cheaper; snowball is often easier to stick with.
Should I pay off debt or invest?
Paying off high-interest debt is a guaranteed, tax-free return equal to the interest rate — often higher than expected market returns. As a rule of thumb, knock out debt above roughly 6–8% before investing beyond any employer 401(k) match.
Does paying off debt improve my credit score?
Yes — lowering credit-card balances reduces your credit utilization ratio, one of the biggest scoring factors. Keeping older accounts open after payoff also helps your length of credit history.
🔒 Calculations run 100% in your browser — we never see your numbers 📊 Built on primary-source data (see sources above) 🔄 Reviewed 2026 · methodology · disclaimer