How it works
Create a debt payoff plan using the Snowball or Avalanche method to become debt-free faster.
Input query strings and outputs
Use an input name in this page’s URL as ?name=value, and join additional inputs with &. Portable shared links may instead use the compact ?ac= state parameter.
Input query strings
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?monthlyBudget=Total Monthly BudgetNumber · Optional · Default: 600
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?name=NameText · Optional
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?balance=BalanceNumber · Optional
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?rate=RateNumber · Optional
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?minPayment=Min PaymentNumber · Optional
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?strategy=StrategyChoice · Optional · Default: snowball
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?startDate=Plan Start DateDate · Optional · Default: current date
Outputs
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resultResultText · Primary output
result contains the calculator’s complete rendered result area, including its visible result cards, tables, charts, and messages.
Create a master plan to become debt-free
Description
The Debt Payoff Calculator is a comprehensive tool for managing all types of recurring debt, including credit cards, personal loans, and auto loans. By centralizing your debts and choosing a payoff strategy, you can visualize your journey to becoming completely debt-free.
Inputs
- Your Debts: A list of all your current debts including Name, Balance ($), Rate (%), and Minimum Payment ($).
- Total Monthly Budget: The total amount you can commit to paying toward all debts each month ($).
- Strategy:
- Snowball: Prioritize the smallest balances first for motivation.
- Avalanche: Prioritize the highest interest rates first to save money.
Outputs
- Debt Free Date: The projected month and year you will be completely free of the debts listed.
- Total Interest Paid: The total interest cost across all debts during the payoff process.
- Time to Debt Free: The total number of years and months the plan will take to complete.
Chart
- N/A: This tool provides summarized results and strategy comparison.
“Good to Know”
- “Debt stacking” (Snowball/Avalanche) is significantly faster than paying just the minimums or distributing extra cash randomly across debts.
- Once a debt is paid off, the “extra” money (the old minimum payment plus any additional cash) is rolled over to the next priority debt on the list.
- This calculator assumes interest rates and monthly budgets remain constant throughout the payoff period.
Examples
Example 1: Typical Mix
- Input:
- Card 1: $5,000 @ 18.9% (Min $150)
- Car Loan: $12,000 @ 6.5% (Min $350)
- Budget: $600
- Output:
- Debt Free: ~34 Months
- Total Interest: ~$2,500
Example 2: High Interest Focus (Avalanche)
- Input:
- Credit Card: $10,000 @ 24%
- Personal Loan: $10,000 @ 10%
- Budget: $1,000
- Output:
- Avalanche saves more interest by targeting the 24% card immediately.
Example 3: Small Debt Win (Snowball)
- Input:
- Debt A: $500 @ 5%
- Debt B: $10,000 @ 5%
- Budget: $400
- Output:
- Snowball knocks out Debt A in two months, allowing the full $400 to tackle Debt B sooner.