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Debt Payoff Calculator

Compare Snowball vs. Avalanche, model extra payments, and check consolidation.

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This is an estimate based on standard financial formulas and the numbers you enter — it doesn’t account for every fee, tax rule, or lender-specific term, and isn’t a substitute for advice from a qualified financial professional. Read the full disclaimer.

A Full Planner, Not a Single Formula

Paying off multiple debts well is a strategy question, not just arithmetic. This tool lets you add every debt you're carrying, compares the two dominant payoff strategies side by side so you can see the real trade-off between them, models what an extra payment actually does, and — since consolidation isn't automatically the better move — runs the numbers to show whether it genuinely saves you money.

How to Use This Tool

  1. 1Add each of your debtsBalance, APR, and minimum payment for as many as you have.
  2. 2Pick a payoff strategyAvalanche (highest APR first), Snowball (smallest balance first), or your own custom order.
  3. 3Add an extra monthly payment or a one-time lump sumSee exactly how much time and interest that saves.
  4. 4Compare strategies and consolidationSee Avalanche vs. Snowball side by side, and optionally check if consolidating is actually cheaper.

Good to Know

  • Avalanche minimizes total interest paid — it's the mathematically optimal strategy. Snowball can be more motivating since smaller debts disappear faster, even if it costs slightly more in interest overall.
  • Once a debt is fully paid off, its minimum payment automatically rolls into your next-priority debt — this is the actual mechanic behind both the snowball and avalanche methods, not just a manual habit you have to remember.
  • Consolidation isn't automatically better — this tool shows the real side-by-side numbers so you can see whether a new consolidated loan genuinely saves interest compared to your current debts, rather than assuming it does.
  • If your minimum payments don't even cover the monthly interest on a debt, the calculator will flag it directly instead of showing a misleadingly long payoff timeline.

Frequently Asked Questions

Snowball or Avalanche — which should I actually use?

Avalanche saves more money mathematically, since it targets your highest-interest debt first. Snowball can keep you more motivated by clearing smaller debts quickly, which matters if staying consistent is your bigger challenge than optimizing every rupee of interest.

How does an extra payment actually get applied?

Every debt still gets its minimum payment first. Any extra monthly amount (plus a one-time lump sum, applied once) goes entirely toward your highest-priority debt under the strategy you picked, until it's paid off — then that flow moves to the next one.

Is debt consolidation always the better option?

No — it depends on the consolidation loan's rate and term versus your current blended debt costs. This tool runs the actual numbers for both paths so you can see which genuinely costs less, rather than assuming consolidation is automatically the smarter move.

What does it mean if the tool says a debt will "never be paid off"?

It means your minimum payment doesn't even cover the monthly interest accruing on that balance, so the debt would grow indefinitely at that payment level — increasing your extra monthly payment is the fix.