Toolarithm

Finance Calculator

Debt Payoff Calculator

Compare snowball and avalanche, roll freed payments forward, and build a monthly path toward becoming debt free.

Build your payoff plan

Keep freed payments working on the next debt.

Added to the initial minimums of debts with a balance. The full monthly budget stays fixed as debts are cleared.

No exchange conversion.

Month one is an end-of-month payment. Change the illustrative date to your own.

Optional one-time payment

An additional payment after that month's regular payment. Unneeded amounts are not charged, and payments scheduled after payoff are not used.

Your debts

Add up to 20 debts. Minimums are fixed amounts throughout this model, even if your lender recalculates them.

Debt 1
Debt 2
Debt 3

Avalanche plan

Payoff time
29  months29\;\text{months}
Projected final payment
May 2029
Starting debt
$18,400.00
Fixed monthly budget
$780.00
Total interest
$3,733.55
Actual payments
$22,133.55

All entered balances are paid in this projection.

Remaining balance: $0.00.

Compare both strategies

Same-budget strategy comparison
StrategyPayoff timeInterest to dateRemaining
Avalanche29  months29\;\text{months}$3,733.55$0.00
Snowball29  months29\;\text{months}$3,733.55$0.00

Both receive the same fixed budget and offered one-time amount. Compare lifetime interest only when both plans finish; an earlier payoff may leave part of the offered one-time payment unused.

Compared with no extra payments

Same strategy and initial minimums, with full rollover, but no recurring extra or one-time payment.

Time saved: 21  months21\;\text{months}.

Interest difference, baseline less selected: $3,961.87.

Baseline payoff: 50  months50\;\text{months}. Baseline interest through its simulated period: $7,695.42.

Projected payoff order

  1. Store card

    Sep 2027; interest through simulation: $255.56

  2. Credit card

    Sep 2028; interest through simulation: $1,636.17

  3. Personal loan

    May 2029; interest through simulation: $1,841.82

This is the actual completion order, which can differ from the extra-payment priority. Equal completion months keep input order.

First-month calculation

Interest is rounded for each debt separately; amounts below are in USD.

B1=18400+267.24−780=17887.24B_1=18400+267.24-780=17887.24

Inputs saved with this plan

First payment: Jan 2027. Currency: USD. Recurring extra entered: 250. One-time amount entered: 0, offered in month 1.

Entered debt balances, rates, and fixed minimums
DebtBalance enteredAPRMinimum entered
Credit card6200 USD22.9%22.9\%190 USD
Personal loan9800 USD11.5%11.5\%260 USD
Store card2400 USD27.5%27.5\%80 USD

Complete monthly repayment schedule

Avalanche: every simulated month is included. Scroll this table on screen; printing includes every row. CSV also includes the other strategy and each debt's monthly allocation.

Monthly debt payoff schedule
Payment monthOpeningInterestRegular paidOne-time paidRemaining
Jan 2027 (1)$18,400.00$267.24$780.00$0.00$17,887.24
Feb 2027 (2)$17,887.24$257.98$780.00$0.00$17,365.22
Mar 2027 (3)$17,365.22$248.52$780.00$0.00$16,833.74
Apr 2027 (4)$16,833.74$238.89$780.00$0.00$16,292.63
May 2027 (5)$16,292.63$229.06$780.00$0.00$15,741.69
Jun 2027 (6)$15,741.69$219.02$780.00$0.00$15,180.71
Jul 2027 (7)$15,180.71$208.80$780.00$0.00$14,609.51
Aug 2027 (8)$14,609.51$198.36$780.00$0.00$14,027.87
Sep 2027 (9)$14,027.87$187.71$780.00$0.00$13,435.58
Oct 2027 (10)$13,435.58$178.05$780.00$0.00$12,833.63
Nov 2027 (11)$12,833.63$168.29$780.00$0.00$12,221.92
Dec 2027 (12)$12,221.92$158.35$780.00$0.00$11,600.27
Jan 2028 (13)$11,600.27$148.24$780.00$0.00$10,968.51
Feb 2028 (14)$10,968.51$137.95$780.00$0.00$10,326.46
Mar 2028 (15)$10,326.46$127.48$780.00$0.00$9,673.94
Apr 2028 (16)$9,673.94$116.83$780.00$0.00$9,010.77
May 2028 (17)$9,010.77$106.00$780.00$0.00$8,336.77
Jun 2028 (18)$8,336.77$94.97$780.00$0.00$7,651.74
Jul 2028 (19)$7,651.74$83.76$780.00$0.00$6,955.50
Aug 2028 (20)$6,955.50$72.34$780.00$0.00$6,247.84
Sep 2028 (21)$6,247.84$60.73$780.00$0.00$5,528.57
Oct 2028 (22)$5,528.57$52.98$780.00$0.00$4,801.55
Nov 2028 (23)$4,801.55$46.01$780.00$0.00$4,067.56
Dec 2028 (24)$4,067.56$38.98$780.00$0.00$3,326.54
Jan 2029 (25)$3,326.54$31.88$780.00$0.00$2,578.42
Feb 2029 (26)$2,578.42$24.71$780.00$0.00$1,823.13
Mar 2029 (27)$1,823.13$17.47$780.00$0.00$1,060.60
Apr 2029 (28)$1,060.60$10.16$780.00$0.00$290.76
May 2029 (29)$290.76$2.79$293.55$0.00$0.00

Assumptions behind the estimate

Balances, fixed minimums, extra amounts, and each debt's monthly interest round half up to cents, or whole yen. Interest accrues before end-of-month payments at rm=APR1200r_m=\frac{\mathrm{APR}}{1200} when APR is entered as a numerical percent. Actual credit cards often accrue daily.

Minimums are paid first and capped at the amount owed. The remaining regular budget, including freed minimums, then follows the chosen priority. A scheduled one-time payment follows regular payments. Avalanche ranks APR descending, then remaining balance ascending; snowball ranks remaining balance ascending, then APR descending. Remaining ties use input order. Priority is evaluated after minimums each month.

There are no new charges, fees, introductory-rate changes, missed payments, or prepayment penalties. Results stop at payoff, 600 months, or before an unsafe currency-unit total. A balance increasing early does not automatically stop the projection. Review your lender's current terms and payment-allocation rules before using the dates as a payment plan.

What Can You Create?

Turn scattered balances into one repayment plan

A realistic payment timeline

Bring current balances together without losing their individual rates. The planner shows when each account closes, how much interest accrues, and whether the final balance is actually cleared within the modeled period.

A fair strategy comparison

Give snowball and avalanche the same monthly resources. Compare their debt-free dates and completed interest costs without confusing a smaller payment budget with a better repayment method.

Extra-payment scenarios

Try an affordable recurring increase or a future bonus. See actual dollars used rather than assuming that every offered extra amount must be spent, even after an account has been cleared.

Debt payoff formulas and a worked example

For one debt, the entered APR is a numerical percentage. Convert it to a monthly decimal rate, calculate the interest charge on the opening balance, and round that charge at currency precision. The payment includes both minimum and allocated extra money.

rm=APR1200,It=round⁡currency ⁣(Bt−1rm)r_m=\frac{\mathrm{APR}}{1200},\qquad I_t=\operatorname{round}_{\text{currency}}\!\left(B_{t-1}r_m\right)Bt=max⁡ ⁣(0,Bt−1+It−Pt)B_t=\max\!\left(0,B_{t-1}+I_t-P_t\right)

The fixed budget combines the initial minimums of debts with a balance and the recurring extra. A cleared account releases its payment into the same pool, rather than making the total budget smaller. The optional one-time amount is additional to this budget in its chosen month.

M=∑j∈initial active debtsmj+EM=\sum_{j\in\text{initial active debts}}m_j+E

Step 1: Set up two illustrative debts

Suppose the first balance is 1,000 dollars with an annual rate of 12%12\% and a fixed minimum of 50 dollars. The second balance is 500 dollars at 0%0\% with a 25-dollar minimum. A recurring extra of 125 dollars gives a 200-dollar monthly budget.

M=50+25+125=200M=50+25+125=200

Step 2: Add interest, then cover minimums

The first debt accrues 10 dollars of interest and the second accrues none. After their minimums, they owe 960 dollars and 475 dollars. There are still 125 dollars available from the regular budget.

I1,1=1000⋅121200=10,I2,1=500⋅01200=0I_{1,1}=1000\cdot\frac{12}{1200}=10,\qquad I_{2,1}=500\cdot\frac{0}{1200}=0

Step 3: Allocate extra money and repeat

Avalanche puts the extra toward the higher-rate debt, leaving balances of 835 dollars and 475 dollars. Snowball puts it toward the smaller balance, leaving 960 dollars and 350 dollars. Both end the first month with the same total, but their later interest charges can differ because the balances carrying interest differ.

Btotal,1=1500+10−200=1310B_{\text{total},1}=1500+10-200=1310

Repeat these steps until all accounts clear or the model reaches its limit. The reported actual completion order is separate from the order receiving extra payments. Totals may rise early when interest exceeds payments; the projection continues because later rollover or a scheduled one-time payment may change the path.

Why Users Love This Tool

Follow every payment from budget to remaining balance

Transparent calculation

  • Exact decimal rounding avoids binary floating-point surprises at currency boundaries.
  • Minimums are satisfied first, then unused budget follows the selected priority.
  • Freed payments roll forward without reducing the original monthly commitment.
  • A complete ledger makes opening balances, interest, payments, and closing balances inspectable.

Useful planning boundaries

  • Incomplete results show partial interest costs and the debt still outstanding.
  • A rising first-month balance does not prematurely end a simulation.
  • Zero APR, already-paid balances, duplicate names, and partial final payments have explicit handling.
  • The page explains fixed-minimum and monthly-interest assumptions before you rely on a date.
Perfect For

Repayment planning for different priorities

Household budget reviews

Find a monthly commitment that fits alongside essentials and a cash reserve. Revisit it after income or required payments change instead of treating today's estimate as a permanent promise.

Motivation and consistency

Check whether closing smaller accounts sooner makes the plan easier to follow. Weigh that practical benefit against the interest difference visible in the completed strategy comparison.

Coaching conversations

Use account-level inputs, dates, and downloadable ledgers to explain repayment choices. Keep lender-specific terms and actual statement details nearby when discussing changes with a financial counselor.

How It Works

How it works in three quick steps.

1

Enter balances and fixed minimums

Add each debt's current balance, numerical APR, and fixed monthly minimum. Select a currency and the first payment month. Remove any debt outside this plan.

2

Set extra payments and compare strategies

Choose the recurring extra payment and an optional one-time amount. Compare highest-APR avalanche with smallest-balance snowball using the same total monthly budget.

3

Review and save the repayment schedule

Check the payoff date, actual completion order, interest, and remaining balance. Review every monthly payment, download both strategies as CSV, or print the selected plan to PDF.

Download & Print

Download, print, and revisit the plan

Save the full CSV

Download both strategies with every month and each debt's payment allocation. Currency, input values, status, and model assumptions travel with the numbers so the sheet remains understandable later.

Print a clean PDF

Choose Print / Save PDF, select your browser's PDF destination, and use portrait or landscape to suit the table. Every selected-strategy row prints; the on-screen scroll window does not truncate the schedule.

Share an editable scenario

Copy the settings link to reopen the exact balances, rates, extra payments, and dates. Financial values are readable by recipients. Save a summary alongside the link if you also want a dated snapshot of the result.

FAQ

Frequently Asked Questions

How does this debt payoff calculator work?
The calculator first adds the fixed minimum payments for debts that have an outstanding balance, then adds your recurring extra amount. That total becomes a constant monthly budget. Each month it calculates interest separately for every debt, covers capped minimum payments, and directs the remaining budget to the selected priority. Any scheduled one-time amount is applied afterward, and unused money is never charged.
What is the difference between debt snowball and avalanche?
Avalanche directs extra money toward the highest APR, aiming to reduce interest exposure. Snowball directs it toward the smallest remaining balance, aiming to create earlier account closures. Both continue minimum payments on other debts and roll freed payments forward. Compare their actual schedules here: the first account to close can differ from the priority account, and your ability to maintain the payment budget also matters.
Does the monthly payment fall after a debt is paid off?
The model keeps the original total monthly budget unchanged. A minimum payment freed by clearing one account becomes available for the other accounts, beginning in that same month if there is unused budget. This rollover is essential to interpreting the result. If you instead reduce your household's total payment after each account closes, your real timeline can be longer than the projection shown here.
Why can the projection be incomplete?
An incomplete projection means the entered balances were not all cleared within the simulated period. The usual stopping limit is 600 months, and a separate precision guard stops exceptionally large growing balances before exact currency-unit reporting becomes unsafe. Neither state proves that repayment is mathematically impossible. The result shows remaining debt and costs through the simulated period, and lifetime savings are withheld whenever either comparison is incomplete.
Is the interest calculation identical to my credit card statement?
This is a monthly planning model rather than a statement reconciliation tool. It divides the entered annual percentage rate into equal monthly periods, calculates interest on each opening balance, rounds that charge, and then applies end-of-month payments. Many credit cards use daily balances and daily interest. Different billing lengths, payment dates, fees, promotional rates, and lender allocation rules can therefore produce different statement totals.
Can I include a bonus or another one-time extra payment?
Yes. Enter a one-time amount and the numbered month in which it will be available. Month one is the first payment month you selected. The offer is added after the regular payment and follows the same priority. If the remaining debt is smaller than the offer, only the amount needed is used. An offer scheduled after the plan finishes is never included in actual payments.
What if my lender changes the minimum payment every month?
Enter a fixed planning amount that you intend to keep paying, and understand that this calculator holds it constant. It does not recreate percentage-based card minimums or dynamically changing installment terms. Review new statements and update the model when your required payments change. The separate credit card payoff calculator can help explore a single card, while this planner focuses on coordinating multiple balances under one fixed budget.
How are decimals, zero interest, and equal priorities handled?
Entered monetary amounts and each monthly interest charge round half up to the selected currency's normal unit: cents for the supported non-yen currencies and whole yen for JPY. A zero APR creates no interest. Avalanche breaks equal APRs using the smaller remaining balance; snowball breaks equal balances using the higher APR. Remaining ties use input order, and duplicate account names do not combine balances.
Can I save or share my debt payoff plan privately?
You can copy a plain-text summary, download a CSV containing both full strategies, or print the selected plan using your browser's Save as PDF option. Sharing puts the financial inputs into the link's fragment, so anyone receiving that link can read them. Calculations run locally in the browser without an account. Avoid including identifying account numbers in debt names or distributing a financial link publicly.
About This Tool

About this debt payoff planner

A multi-account repayment plan requires more than dividing a total balance by a monthly payment. Accounts carry different rates, their required payments consume part of the budget, and the extra money has to go somewhere specific. Toolarithm's Debt Payoff Calculator keeps those differences visible while showing how the accounts interact. It calculates each account's monthly interest independently, allocates minimum payments before priority payments, and carries the full recurring budget forward as accounts close. This makes the consequences of a payment choice easier to inspect than a single debt-free date on its own.

The strategy comparison is intended to help you choose a plan you can sustain. Avalanche emphasizes higher borrowing costs; snowball emphasizes smaller remaining balances. Neither label determines whether the monthly commitment fits your life. Review essential expenses and reserves first, then choose an extra amount that you can maintain. A future bonus can be modeled as a one-time offer rather than being treated as guaranteed recurring income. If your cash flow changes, update the inputs and compare the new ledger with your latest statements.

These projections deliberately use fixed rates, fixed minimums, and equal monthly interest periods. They exclude fees, new purchases, promotional-rate transitions, hardship programs, and lender-specific allocation requirements. A projected payoff month is therefore a planning estimate. Keep making the required payments shown by your lenders, check whether extra payments can be applied to principal, and request an actual payoff quote before closing an account. The exported input list and monthly schedule make it possible to revisit these assumptions without losing the reasoning behind the original plan.

Editorial Transparency

Who maintains this page

Ownership and review

Written and maintained by the Toolarithm editorial team. No review date is shown without a maintained editorial record. No independent professional review is claimed.

Methodology

Formulas are checked with worked examples and boundary cases. Timing, compounding, payment, and rounding assumptions remain visible; results are educational estimates, not financial advice.

Read the editorial methodology

Dates and sources

Review dates change only after a substantive method or content check.

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