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Free Debt Payoff Calculator
See how long it could take to become debt-free. Compare debt snowball and avalanche strategies, estimate interest, and explore how extra payments affect your payoff date.
Your estimate
Starting debt
$5,000.00
Monthly payment budget
$250.00
Avalanche interest
$1,125.66
Snowball interest
$1,125.66
Avalanche payoff
25 months
Estimated finish: 2028-11
Interest avoided vs minimums
$1,213.28
Projected debt balance
Avalanche strategy · monthly interest estimate
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How this calculator works
Each month, interest accrues on the opening balance at APR divided by 12 and is rounded to cents. Minimums are paid first; the selected strategy receives the remaining payment budget. Final payments are capped at the amount owed. This is an estimate, not a lender quote. Enter estimates that match your situation. All amounts stay in the currency selected above, and calculations update locally as you edit.
Example
Use the starting values as a simple example, then replace them with your own assumptions. The results are illustrative and may differ from actual outcomes.
Limitations
This free tool provides estimates for planning and education. It does not account for every lender, tax jurisdiction, contract, fee, or personal circumstance. Verify important decisions independently.
Frequently asked questions
What is the difference between snowball and avalanche?
Snowball targets the smallest balance first. Avalanche targets the highest APR first. Both keep minimum payments current and apply the extra payment to the current target.
Why might payoff be unavailable?
A plan may not reduce principal when payments are too small relative to monthly interest, or it may exceed the 60-year projection horizon.
Is this lender-exact?
No. It uses monthly APR/12 interest accrual and cent rounding. Lenders may use daily balances, fees, and different payment timing.
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Planning estimate only. Confirm financial, investment, and tax decisions with qualified professionals where appropriate.