Debt payoff calculator: when will you be debt-free?

Enter each debt's balance, interest rate and minimum payment, plus what extra you can pay each month. The calculator shows your debt-free month, the total interest and the order in which your debts disappear, for both the snowball method (smallest balance first) and the avalanche method (highest rate first), and compares them with paying only the minimums. In the example below, five debts totalling $25,190 are gone in 32 months with $250 extra a month, instead of 87 months on minimums alone.

Updated 25 October 2026 · By the Still Penny team

Calculate your debt payoff

Assumptions: interest is charged monthly at APR ÷ 12 on the balance and rounded to the cent; each minimum stays at the amount you enter; when a debt is paid off, its minimum moves to the next debt in line; no new charges.

Worked example: five debts, $965 a month

$715 of minimums plus $250 extra. The balances add up to $25,190.

What the example shows:

• The plan matters more than the method. Rolling payments forward with $250 extra saves $7,380.88 in interest (avalanche) and 55 months compared with paying only the minimums. The choice between snowball and avalanche is worth $204.20.
• Minimums alone take seven years. The two loans are gone after 38 months, but the credit cards drag on: Card A needs 87 months at $95, because most of each payment goes to interest in the first years.
• The two methods only differ in the middle. Both clear the store card and Card A first. Then snowball takes the personal loan (smaller balance), avalanche takes Card B (higher rate).

How much the extra payment changes

Same five debts, total interest and months to debt-free with the avalanche method (snowball in brackets where it differs):

Even with no extra money at all, keeping the total payment at $715 and rolling each freed minimum forward cuts 37 months and $2,490.79 of interest compared with letting the minimums drop away.

Common mistakes

• Paying the lender's new, lower minimum. Card minimums shrink as the balance falls. Keep paying the amount you started with, or the plan slows down.
• Spending the freed-up minimum. When the store card is gone in month 3, its $25 has to go to Card A, not back into your budget.
• Leaving out a debt. Include every balance with an interest rate, also a 0% promotion, entered at the rate that applies after the promotion ends.
• No emergency money. Without a small cushion, the next car repair goes back on a card. Keep at least a starter emergency fund while you pay down debt.

Follow-up questions

Snowball or avalanche? Avalanche usually costs the same or less interest (with very close rates, cent rounding can tip it by a few cents); snowball gives you earlier wins. We compare both in detail, including the research on motivation, in debt snowball vs. avalanche: which pays off debt faster?

Why does the calculator say a debt is not paid off? It stops counting at 50 years (600 months). Usually a debt runs that long because its minimum does not cover the monthly interest, so it grows: raise the payment on it until it is more than the balance × APR ÷ 12. A very small payment on a large balance can also take longer than 50 years, even at 0% APR.

Are loans treated like credit cards? Yes, as a balance with a rate and a fixed payment. Real loan schedules can differ by a few dollars because of how the lender counts days.

Example figures are our own calculation using the assumptions stated above.