Debt Payoff Calculator
Calculate debt payoff from your own entered figures.
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Currency: Amounts are calculated in the currency you select; this site does not convert between currencies and does not use live exchange rates.
What this tool does
Calculate debt payoff from your own entered figures. Fixed APRs, no new charges or fees. Debts are attacked in listed order; reorder the lines, or use the snowball/avalanche tools, to compare strategies on the same budget.
How to use the Debt Payoff Calculator
- Enter or select debts (name, balance, apr, minimum payment — one per line).
- Enter or select total monthly debt budget.
- Read the calculated result; change any measurement to compare alternatives.
Formula
simulate month by month in the order debts are listed: interest accrues at APR/1200, each debt receives its minimum, and the remaining budget pays down the first unpaid debt; the debt-free date counts forward from next month
- debts
- Debts (Name, balance, APR, minimum payment — one per line)
- budget
- Total monthly debt budget
Fixed APRs, no new charges or fees. Debts are attacked in listed order; reorder the lines, or use the snowball/avalanche tools, to compare strategies on the same budget.
Worked example
For debt payoff calculator, the following measurements illustrate the exact method: Debts (Name, balance, APR, minimum payment — one per line): Store Card, 1200, 26.99, 35 Visa Card, 4500, 21.99, 110 Personal Loan, 6000, 11.5, 180; Total monthly debt budget: 500.
Inputs
- Debts (Name, balance, APR, minimum payment — one per line)Store Card, 1200, 26.99, 35 Visa Card, 4500, 21.99, 110 Personal Loan, 6000, 11.5, 180
- Total monthly debt budget$500
Result
- Months to debt-free29
- Debt-free dateMarch 2029
- Total interest paid$2,367.91
- Total paid$14,067.91
- Payoff orderStore Card → Visa Card → Personal Loan
Results explained
- Months to debt-free
- Months to debt-free from the formula above. Fixed APRs, no new charges or fees. Debts are attacked in listed order; reorder the lines, or use the snowball/avalanche tools, to compare strategies on the same budget.
- Debt-free date
- Debt-free date from the formula above. Fixed APRs, no new charges or fees. Debts are attacked in listed order; reorder the lines, or use the snowball/avalanche tools, to compare strategies on the same budget.
- Total interest paid
- Total interest paid from the formula above. Fixed APRs, no new charges or fees. Debts are attacked in listed order; reorder the lines, or use the snowball/avalanche tools, to compare strategies on the same budget.
- Total paid
- Total paid from the formula above. Fixed APRs, no new charges or fees. Debts are attacked in listed order; reorder the lines, or use the snowball/avalanche tools, to compare strategies on the same budget.
- Payoff order
- Payoff order from the formula above. Fixed APRs, no new charges or fees. Debts are attacked in listed order; reorder the lines, or use the snowball/avalanche tools, to compare strategies on the same budget.
Frequently asked questions
simulate month by month in the order debts are listed: interest accrues at APR/1200, each debt receives its minimum, and the remaining budget pays down the first unpaid debt; the debt-free date counts forward from next month
Fixed APRs, no new charges or fees. Debts are attacked in listed order; reorder the lines, or use the snowball/avalanche tools, to compare strategies on the same budget.
No. All numbers are entered by you or come from the dated reference table shown on this page; calculations run locally.
This is an estimate, not financial, tax or legal advice. Verify the inputs and output with official sources and a qualified professional.
Check period consistency, currency, percentage inputs and the assumptions: Fixed APRs, no new charges or fees. Debts are attacked in listed order; reorder the lines, or use the snowball/avalanche tools, to compare strategies on the same budget.