Debt Payoff Calculator
Create a comprehensive debt payoff plan across all your debts — credit cards, personal loans, student loans, auto loans — using either snowball or avalanche prioritization.
How to use the Debt Payoff Calculator
- Enter your inputs into the Debt Payoff Calculator above.
- Results update instantly as you type — no submit button needed.
- Adjust any value to see how the result changes in real time.
The multi-debt payoff math
Pay minimums on all debts; direct any remaining budget to one target debt until cleared, then roll its full payment onto the next target.
The "debt snowball" rolls the freed-up payment from each cleared debt onto the next, accelerating the payoff of remaining balances. Both snowball and avalanche use this mechanism — they differ only on which debt is the target.
Worked example
$8,000 credit card at 22%, $12,000 auto loan at 6%, $20,000 student loan at 5%. With $1,200/month total budget (minimum is $880), avalanche targets the credit card. Total payoff: about 47 months, $7,300 in interest. Snowball (smallest first) finishes about 1 month later with $7,750 in interest.
Frequently asked questions
Should I save while paying off debt?
Most advisors recommend a $1,000–$2,000 starter emergency fund first to avoid adding new debt when surprises happen. Beyond that, paying high-rate debt is usually a higher-return move than saving.
Should I keep paying student loans during payoff?
At minimum, keep them in good standing. Federal student loans have lower rates and more protection than credit cards, so it usually makes sense to attack higher-rate debts first.
Does this work for mortgage debt?
Most plans exclude mortgages because rates are low and the loan is secured. Focus the snowball/avalanche on unsecured and high-rate debts first.