Debt Payoff Calculator
Calculate how long it will take to pay off your debt. Compare the avalanche vs snowball methods and see your payoff date.
Your Debts
Amount above minimum payments: $100/month
Payoff Summary
Add your debts to see your payoff plan
Avalanche vs Snowball: Which is Better?
Debt Avalanche
Pay minimums on all debts, then put extra money toward the highest interest debt first. Mathematically optimal-saves the most money.
- ✓Lowest total interest paid
- ✓Fastest payoff mathematically
- !Can feel slower (high-interest debts are often large)
Best for: People who are motivated by numbers and want to save the most money.
Debt Snowball
Pay minimums on all debts, then put extra money toward the smallest balance first. Quick wins build momentum.
- ✓Quick wins keep you motivated
- ✓Simpler to track progress
- !May pay slightly more in interest
Best for: People who need motivation and quick wins to stay on track.
Tips to Pay Off Debt Faster
Find Extra Money
Use our subscription calculator to find forgotten subscriptions you can cancel and put that money toward debt.
Avoid New Debt
Use cash flow forecasting to avoid overdrafts and the fees that come with them. New fees just add to your debt.
Track Progress
Celebrate each debt you pay off. Seeing progress is motivating and helps you stay committed to the plan.
More Financial Calculators
Stay on Track with Shelter
Use cash flow forecasting to avoid new debt and find extra money to put toward your payoff goals.