Debt Payoff Calculator
Add your credit cards and loans, choose how much to pay each month and see when you'll be debt-free, how much interest you'll pay and how much you save over paying only the minimums.
In 2 years 4 months, paying $800 a month
Your payoff plan
How your total balance falls each month, and the order your debts are paid off.
Payoff order
Avalanche vs snowball
How to pay off debt faster
The fastest way out of debt is to pay every minimum, put all the money you can spare on top toward one debt, and when that debt is gone, roll its whole payment into the next one. The payment you free up grows with each debt you clear, which is why this works so much better than spreading extra money thinly or paying only the minimums.
The two popular methods differ only in which debt gets the extra money first. The avalanche method targets the highest interest rate, so you pay the least interest overall. The snowball method targets the smallest balance, so you clear your first debt sooner and see progress early. This calculator works out both with your own numbers, so you can see what the quick wins would cost.
Frequently asked questions
Which is better, avalanche or snowball?
On paper the avalanche method always costs the same or less, because the highest-rate debt grows fastest. The snowball method can be easier to stick with, because a debt disappears sooner. If the difference in interest above is small, pick the one you'll keep going with.
How much should I put toward my debts each month?
At least the total of your minimum payments, plus as much as your budget allows. Even $50 or $100 a month on top of the minimums can take years off a credit card balance. Move the budget slider above to see the effect.
Why does paying only the minimum take so long?
Card minimums are set low, often just the interest plus about 1% of the balance, so most of each payment goes to interest. The calculator holds each minimum steady as the balance falls, which is faster than a card's shrinking minimum; real minimum-only payoff usually takes even longer.
Should I consolidate my debts instead?
A consolidation loan or a 0% balance transfer can help if the new rate is clearly lower than what you pay now and you stop adding new charges. Compare the fees and the payment with the personal loan calculator before you apply.
Does this include new purchases on my cards?
No. It assumes you stop adding to the balances and your rates stay the same. New charges push the debt-free date back, so leave the cards at home while you pay them down.
Estimates for illustration only, not financial advice. Interest is worked out monthly; card issuers usually charge it daily, so your actual figures may differ slightly. LoanQuantum is not a lender.
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