Debt Payoff Calculator (Snowball Method)
Add your debts, set a total monthly budget, and see when you'll be debt-free.
Your debts
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Payoff order
How the math works
Each month the calculator divides each debt's APR by 12 to get a monthly rate, applies it to the current balance, and subtracts the payment allocated to that debt. Minimums are paid on every active debt; any leftover budget is directed at the priority debt — smallest balance first (snowball) or highest APR first (avalanche). When a debt reaches zero, its payment rolls onto the next priority debt.
FAQ
What's the difference between snowball and avalanche here?
Both strategies pay all minimums each month. Snowball directs any leftover to the smallest current balance; avalanche directs it to the debt with the highest APR. Switch the dropdown to compare results.
How is interest calculated?
The calculator divides the APR you entered by 12 to get a monthly rate, applies it to the current balance, then subtracts your payment for that debt.
Does this account for fees or promotional rates?
No. The APR you enter is applied to the full balance for the entire payoff period. For balance-transfer cards with intro 0% periods, model two scenarios — one for the promo period and one for the post-promo APR.
What if my budget doesn't cover all minimums?
The calculator shows a warning when the budget is below the sum of minimum payments, since the simulation cannot complete in that case.