Debt Payoff Calculator
See how long it will take to pay off your debt.
4y 8m
Payoff Time
$7,210
Total Interest
$22,210
Total Paid
Learn More
Understanding This Calculator
What this calculator does
This calculator shows how long it takes to pay off multiple debts given your balances, interest rates, and total monthly payment, and compares the snowball (smallest balance first) vs avalanche (highest rate first) strategies.
How to use the results
- 1.List each debt with its balance and APR.
- 2.Enter your total monthly debt payment (more than the sum of minimums).
- 3.Compare the two strategies' total interest paid and time to debt-free.
Worked example
Three cards at $2,000/19%, $5,000/22%, and $1,000/15% with $600/month total: the avalanche (highest rate first) saves more interest; the snowball (smallest balance first) pays off the $1,000 card quickly, building momentum.
Important assumptions & limitations
- •Assumes you make the same total payment every month until all debts are gone.
- •Does not account for balance transfer offers or rate changes over time.
- •Ignores late fees or new charges — adding either extends the timeline.
Frequently asked questions
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Mike Starr
Founder, FinanceWizardTools · M.S. Organizational Management