🇺🇸 US · figures as of 2026-06
Starting Out

Debt Payoff Calculator

Enter your debts in the table below — name, balance, APR, and minimum payment. The calculator instantly shows which payoff strategy saves the most interest and when you'll be debt-free.

Results update as you type Up to 8 debts Avalanche vs. Snowball comparison
Your Debts Enter each debt on one row
Debt name (credit card, loan…) Balance APR % Min. payment
3 of 8 debts entered
Payoff Acceleration Optional — speeds up payoff
$
Extra $200/mo typically saves $3,000–$8,000 in interest on average debt loads.
2026 brackets: 22% ($47k–$103k), 24% ($103k–$197k), 32% ($197k–$250k).
Total Debt Balance
—
Enter debts above to see results

Debt Payoff Schedule

Methodology: Monthly interest = balance × (APR ÷ 12). Avalanche: highest APR attacked first. Snowball: lowest balance first. Freed minimums roll forward to next target. Minimum payments floor at $10 or balance. Results are projections — actual payoff depends on making consistent payments. Full disclaimer →

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Frequently asked questions

Avalanche vs. snowball — which debt method is better?
The avalanche method (highest interest rate first) mathematically saves the most money and time. The snowball method (smallest balance first) can keep you motivated with quick wins. Avalanche is cheaper; snowball is often easier to stick with.
Should I pay off debt or invest?
Paying off high-interest debt is a guaranteed, tax-free return equal to the interest rate — often higher than expected market returns. As a rule of thumb, knock out debt above roughly 6–8% before investing beyond any employer 401(k) match.
Does paying off debt improve my credit score?
Yes — lowering credit-card balances reduces your credit utilization ratio, one of the biggest scoring factors. Keeping older accounts open after payoff also helps your length of credit history.

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Data reference (United States): Federal Reserve G.19; CFPB credit-card rates · figures as of 2026-06 · Compiled from official public sources via AI-assisted research; latest available data, not individually verified - general information, not advice.. See our methodology for how every figure is sourced and dated.

🔒 Calculations run 100% in your browser — we never see your numbers 📊 Built on primary-source data (see references above) 🔄 Reviewed 2026 · methodology · disclaimer