Financial Tools

Debt Payoff Calculator

Enter up to three debts to see an illustrative payoff timeline using the avalanche method — highest interest rate first.

The avalanche method directs any extra payment toward the debt with the highest interest rate first, while still making minimum payments on everything else. It's generally the fastest, lowest-interest way to become debt-free on paper — though some people prefer the "snowball" method (smallest balance first) for the motivation of quick wins.

Your Debts

Debt 1 balance ($) Debt 1 interest rate (%) Debt 1 minimum payment ($)

Debt 2 balance ($) Debt 2 interest rate (%) Debt 2 minimum payment ($)

Debt 3 balance ($, optional) Debt 3 interest rate (%) Debt 3 minimum payment ($)

Extra monthly payment available ($)

How This Is Calculated

Each debt accrues monthly interest on its remaining balance, minimum payments are applied to every debt, and any extra payment is directed to whichever remaining debt has the highest interest rate. The simulation repeats month by month until every debt reaches zero (capped at 50 years), adding up the total interest paid along the way.

Assumptions

Interest rates and payments are assumed to stay constant for the whole payoff period.
No new charges are added to any balance during the payoff period.
Leave a debt's fields at 0 to exclude it.

Illustration only. This tool is for educational and illustrative purposes only and does not represent financial or credit advice.

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