Free Debt Payoff Calculator
Enter your debts below and compare 7 proven strategies side by side. See exactly when you'll be debt-free and how much interest you'll save.
Frequently Asked Questions
What is the debt snowball method?
The debt snowball method targets your smallest balance first while making minimum payments on everything else. When the smallest debt is paid off, you roll that payment into the next smallest. It's popular because paying off debts quickly provides motivation to keep going.
What is the debt avalanche method?
The debt avalanche (highest rate) method targets the debt with the highest interest rate first. This saves the most money in total interest over time, making it the mathematically optimal strategy. However, it may take longer to see your first debt fully paid off.
Which debt payoff strategy is best?
The "best" strategy depends on your goals. If you want to save the most money, the avalanche method (highest rate first) is mathematically optimal. If you need motivation from quick wins, the snowball method works well. Our calculator compares all 7 strategies so you can see the trade-offs.
What if I don't know my loan term?
Leave the "Term" field blank for credit cards and other revolving debt. The calculator will estimate your payoff timeline based on your balance, interest rate, and minimum payment using standard amortization formulas.
Is this calculator really free?
Yes! The calculator is completely free with no signup required. If you want to save your results and track your progress over time with detailed payment schedules and charts, you can create a free Zoninga account.