How this debt payoff calculator works
Enter each debt's current balance, its interest rate (APR) and its minimum monthly payment, then add any extra amount you can afford each month. The calculator pays every minimum, puts all extra money toward one priority debt, and when that debt is gone, rolls its payment into the next one. Your total monthly payment stays the same the whole way through, so each payoff speeds up the next — this "rollover" is what makes both the avalanche and snowball methods so effective.
The month-by-month payment plan shows exactly how much to pay on each debt every month and what's left afterwards, with the debt receiving your extra payment highlighted. Download it as a CSV file to open in Excel or Google Sheets and tick off each payment as you go.
Avalanche vs. snowball: which is better?
The debt avalanche targets the debt with the highest interest rate first. Mathematically it always costs the least interest and is usually the fastest, because your extra money goes where it's being charged the most.
The debt snowball targets the smallest balance first, regardless of rate. It usually costs a little more, but you clear whole debts sooner — and those early wins keep many people motivated enough to finish. The comparison table shows you exactly how much the difference is for your debts, so you can decide whether the quicker wins are worth it.
Why minimum payments take so long
Minimum payments are set so that most of each payment covers interest. On a credit card charging around 23% APR, a large share of every minimum payment never touches the balance. Adding even $50–$100 a month on top of your minimums can cut years off your payoff date and save thousands in interest — try it above and watch the "interest saved" figure.
Ways to pay off debt faster
- Stop adding new debt while you pay down what you owe — the plan assumes no new charges.
- Put windfalls to work. Tax refunds, bonuses and gifts applied to your priority debt shorten the plan.
- Ask for a lower rate. Card issuers sometimes reduce APRs for customers with a good payment history; a lower rate on your priority debt speeds everything up.
- Consider consolidation carefully. A lower-rate personal loan or 0% balance transfer can help, but watch for transfer fees and what happens when a promotional rate ends.
Assumptions
Interest is charged monthly at APR ÷ 12, rates stay the same, minimum payments stay at the amounts you enter, and no new charges are added. Real credit card minimums often shrink as your balance falls — this calculator keeps paying the full amount, which is the faster approach. Results are estimates for planning purposes and are not financial advice.