Free debt payoff calculator
Debt payoff calculator: find your debt-free date
The example is filled in. Swap in your own cards and what you can put toward debt each month.
You could be debt free by
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Free account. Update it as you pay things down.
Estimates assume fixed APRs and fixed minimum payments, with interest charged monthly. Minimums only means paying just each card’s minimum, with no extra.
How to use this debt payoff calculator
Add each credit card with its balance, its APR and its minimum payment. All three are on your latest statement or in your card’s app. Then enter the total you can put toward debt each month, minimums included. The calculator shows the month you could be debt free, and how much interest your plan costs compared with paying only the minimums.
Avalanche vs snowball
Both methods pay the minimum on every card. The difference is where the extra money goes.
- Avalanche: the extra goes to the card with the highest APR first. It usually costs the least interest overall.
- Snowball: the extra goes to the smallest balance first. You close cards sooner, which can make it easier to keep going.
When a card is paid off, its payment rolls to the next card. For a worked example with real numbers, read Avalanche vs snowball: which debt payoff method is actually better.
What your results mean
Your date is an estimate. It assumes your APRs and minimum payments stay the same and that interest is charged monthly. New charges or a rate change will move it, so come back and run it again any time.
Questions
Is my information saved?
No. The calculator runs entirely in your browser. Nothing you type is sent anywhere or saved.
Should I pay more than the minimum?
If you can, yes. Any amount above your minimums shortens your payoff time and lowers the interest you pay. The calculator shows the difference next to Minimums only.
Which payoff method should I choose?
The avalanche usually saves the most interest. The snowball gives you wins sooner. The best plan is the one you will stick with, so try both and compare your dates.
Haluvra is not a licensed financial advisor. All content is for informational purposes only.