How this debt payoff calculator works
Each month, every debt gets its minimum payment and its interest is added. Your extra amount goes to one "focus" debt. When a debt is paid off, its minimum payment rolls into the next debt, so your payments snowball and speed up over time.
The calculator repeats this month by month until every balance hits zero, then shows your debt-free date, the total interest paid and the order your debts are cleared.
Debt snowball vs debt avalanche
The snowball method pays the smallest balance first. You clear whole debts sooner, and those quick wins keep you going.
The avalanche method pays the highest interest rate first. It usually saves the most money in interest and can finish a little sooner.
The best method is the one you'll stick to. Try both above. If the difference is small, choose the one that feels more motivating.
Tips to reach your debt-free date sooner
Even a small extra payment makes a big difference, because it cuts the interest that builds each month. Try adding $25 or $50 above and watch the date move.
Windfalls like tax refunds or bonuses can go straight to your focus debt. And if you can lower an interest rate (for example with a balance transfer), the avalanche order may change.
