Debt Payoff Calculator

Estimates payoff time and interest for multiple debts while keeping one starting monthly budget constant. Snowball sends available money after minimums to the smallest balance; avalanche sends it to the highest entered annual rate. Payments freed by a cleared debt roll to the next target.

For each active debt, enter its current balance, annual rate or APR, and current minimum payment, then add only an extra amount you can sustain monthly. Use the same currency throughout and compare both strategies without changing the total starting budget.

For balances of 900 at 5% and 1,000 at 25%, each with a 25 minimum and 100 extra per month, this model estimates snowball payoff in 15 months with 248.53 interest. Avalanche estimates 14 months and 144.12 interest. Automated tests verify this case and payment rollover.

At the start of each simulated month, interest equals current balance × annual rate ÷ 12. The model then pays each minimum, directs the remaining fixed budget by the chosen priority, and immediately continues to another debt if a target is cleared. It stops at payoff or reports failure after 1,200 months.

The CFPB describes both smallest-balance and highest-interest methods: snowball can create quicker visible wins, while highest interest can save money. Avalanche is cheaper under this calculator's constant-rate, fixed-budget assumptions, but real fees, promotions, payment rules, behavior, or changing rates can alter the outcome.

The estimate assumes no new borrowing, equal monthly periods, constant rates, fixed listed minimums, on-time payments, no fees, and unrestricted rollover of freed money. It does not model daily average balances, variable minimum formulas, grace periods, deferred interest, penalties, settlements, consolidation, taxes, or lender allocation rules.

If the budget is zero or balances remain after the 100-year safety limit, the tool reports that payoff was not reached; it does not promise that a plan is affordable. APR terminology, interest accrual, minimum-payment rules and protections vary by product and jurisdiction, so use statements and contracts as the source of truth.

The strategy sequence was checked against the Consumer Financial Protection Bureau Debt Action Plan, and credit-card interest and minimum-payment limitations against current CFPB guidance; reviewed September 2026. This educational estimate is not financial, credit, legal or tax advice. If payments are unaffordable, contact creditors promptly or seek a reputable qualified counselor. Calculation runs locally and Quiklio does not upload the debt values.