Debt Payoff Calculator

Created by Tibor Pál, PhD candidate
Reviewed by Dominik Czernia, PhD and Jack Bowater
Last updated: Nov 01, 2022

Use the debt payoff calculatoror debt repayment calculatorto explore how to pay off debt using different debt repayment strategies. After setting your target, this device will provide you with all relevant details for your given debt payoff strategy. You can check, for example, how much interest you would pay or what would be your total debt's APR if you aimed to get rid of your debt in the fastest way or merely want to pay the monthly minimum.

Moreover, you can set an optional monthly payment tailored to your financial budget, and you can also compare your results with other repayment options.

What's more, you can follow the progress of your yearly balances in the debt payoff chart and check in the repayment schedule table how the loan amortization process allocates your monthly payment between the interest] and the principal.

Read on to see how to pay off debt fast and learn the differences between debt payoff strategies, such as the debt snowball vs. avalanche method. We also explain how you can easily use this tool as a debt payoff planner.

Note that this debt payoff calculator only considers the repayment options of multiple debts (at least two). If you only have one obligation or a loan, you may try our loan repayment calculator

Also, you may consider refinancing some of your loans and employ our refinance calculator.

How to choose the best debt repayment strategy: making a debt repayment plan

Depending on your financial situation or preference, you may set different goals when making a debt repayment plan. The most common debt payoff strategies are the following:

  • Minimum payment: while this allows you to use as little of your monthly budget to pay off debt as possible, it generally results in the highest finance charge.
  • Snowball method: turn to this option when you aim to reduce the number of debts.
  • Avalanche method: this option can help you to pay the lowest amount of interest.
  • Debt consolidation: consolidating your debt may help you restructure and simplify your monthly payments, providing more beneficial interest charges with shorter repayment terms or lower monthly payments.

Debt snowball vs avalanche

The main difference between debt snowball vs. avalanche is that the snowball method prioritizes debt elimination over a lower interest payment.

In other words, when you get rid of one of your debts or you have some spare money to put towards debt repayment, the snowball method allocates the extra money for the debt with the lowest balance, while the avalanche method uses it on the debt with the highest interest rate.

Therefore, while with the avalanche method, you pay the lowest amount of interest, the snowball method allows you to reduce the number of debts faster.

How to use the debt repayment calculator?

Follow the instruction below to apply the debt payoff calculator to your preference and financial situation.

  1. Number of debts: For the first step, you need to set the number of debts you have. Note, that the maximum number of debts is six, and that you must have at least two debts to apply the debt repayment calculator.

  2. Debt specifications: Provide the debt balances with their related interest rates and monthly payment amounts. Note, that the monthly payments you set should be the required minimum, and we suppose that you can always increase the monthly instalments.

  3. Repayment specification

In this section, you can set your aim for debt repayment:

  • Pay the minimum amount monthly;
  • Reduce the number of debts - snowball;
  • Pay the lowest interest - avalanche;
  • Consolidate with a new monthly payment; and
  • Consolidate with a new payoff term.

If you choose the option for consolidation, you need to set your new consolidation loan's interest rate and the new monthly payment or the new payoff term.

  1. Payoff summary

You can read the main details of your preferred debt payoff strategy and also compare the result with the minimum payment method (in the advanced mode, you can compare your chosen strategy with another). Below the section, you can choose to display either the debt payoff chart of balances or the payment schedule table for more in-depth insight.


You should consider the debt payoff calculator as a model for financial approximation. All payment figures, balances, and interest figures are estimates based on the data you provided in the specifications that are, despite our best effort, not exhaustive.

For this reason, we created the calculator for instructional purposes only. Yet, if you experience a relevant drawback or encounter any inaccuracy, we are always pleased to receive useful feedback and advice.

Tibor Pál, PhD candidate
Number of debts
Debt #1
Balance #1
Interest rate #1
Payment #1
Debt #2
Balance #2
Interest rate #2
Payment #2
Debt #3
Balance #3
Interest rate #3
Payment #3
Repayment specification
My aim
Reduce the number of debts - snowball
Total current debt amount
Total current monthly payment
I can increase the monthly payment by...
New monthly payment
Payoff summary
Minimum paymentsDebt elimination - snowballDifference
Monthly payment$520.00**$520.00$0.00
Payoff term3 years and 8 months (44 months)2 years and 8 months (32 months)1 year (-12 months)
Total payable$16,691.45$16,196.67-$494.78
Total interest$3,191.45$2,696.67-$494.78
*We estimate APR using the weighted average procedure. **The total monthly payment gradually decreases as the debts are being paid off.
Chart of balances
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