Debt · payoff planner

Free debt payoff planner

List your debts, add whatever extra you can throw at them, and pick a strategy. See the date you’re debt-free, the interest you’ll save, and which debt falls first.

Debt-free in —

Total interest paid

Minimums only

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Your plan

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You pay: —
Debt-free by: —
Interest saved vs. minimums: —

Payoff order & chart which debt clears when

Total balance over time — your plan vs. minimums only

Minimums only Your plan

How the debt payoff planner works

This planner simulates your debts month by month. It pays the minimum on every balance, then takes your extra payment — plus the minimum freed up each time a debt is cleared — and throws all of it at one target debt until it’s gone, then rolls that whole amount onto the next. That rolling, compounding attack is the engine behind both the snowball and avalanche methods, and it’s why a modest extra payment can cut years off your timeline. Enter each card and loan with its balance, interest rate (APR), and minimum payment, add whatever extra you can afford, and the tool shows your debt-free date, the total interest you’ll pay, and how much you save versus making only the minimums.

Snowball vs. avalanche — pick your strategy

The two strategies differ only in which debt they attack first. Avalanche targets your highest APR first. Since interest is what makes debt expensive, killing the priciest balance first saves the most money and gets you out fastest — it’s the mathematically optimal choice. Snowball targets your smallest balance first. It usually costs a little more in interest, but it clears a whole debt quickly, and that visible win is powerful: borrowers who use the snowball are measurably more likely to actually finish. Toggle between them above and watch the interest and payoff date change — for many people the gap is small enough that the motivational edge of the snowball wins.

How to use it

Start by listing every debt: credit cards, store cards, personal loans, an auto loan, medical debt. For each one you need three numbers — the current balance, the APR, and the minimum monthly payment — all of which are on your statement or in your account’s app. Use “Add a debt” for as many as you carry. Then set your extra payment to a realistic amount you can commit every month, and choose a strategy. Open the “Payoff order & chart” section to see exactly which debt clears when and watch your total balance fall against the minimums-only line.

A worked example

Say you owe $6,500 on a card at 22.9%, $2,800 on a store card at 26.99%, and $14,200 on a car loan at 7.5%, with minimums of $130, $70, and $320. Paying only those minimums, you’d be in debt for many years and hand over thousands in interest. Add $300 a month and choose avalanche, and the planner attacks the 26.99% store card first, then the 22.9% card, then the car loan — clearing everything far sooner and cutting the interest bill sharply. Switch to snowball and it knocks out the $2,800 store card first instead, giving you a fast win; the total interest is usually close. Seeing both side by side is the point.

When consolidation makes sense

If most of your balances are high-rate credit cards, a debt consolidation loan can replace them with a single fixed payment at a lower rate — often cutting both your interest and the mental load of juggling due dates. It works best when your credit is good enough to qualify for a rate clearly below what your cards charge. The smart move is to run your debts through this planner first so you know your current payoff cost and date, then compare a consolidation offer against it. If the new rate genuinely beats your blended card rate, consolidating can accelerate everything you just modeled here.

Related tools and guides

Tackling one loan rather than many? The early payoff calculator shows the time and interest a single extra payment saves. Check how clearing balances could lift your score with the credit score estimator, see what actually lands in your budget with the take-home pay calculator, or read our guide on how to escape debt. This page is for general information and is not financial advice.

Debt payoff FAQ

What’s the difference between the snowball and avalanche methods?

Both put every spare dollar toward one debt at a time while paying minimums on the rest. The avalanche method targets your highest interest rate first, which saves the most money overall. The snowball method targets your smallest balance first, which clears individual debts faster and gives you quick, motivating wins. Avalanche is cheaper on paper; snowball is easier to stick with — this tool lets you compare both.

Which debt payoff method is best?

The avalanche method always costs the least in total interest, so if you’re driven by the math, choose that. But studies of real borrowers find people are more likely to actually finish with the snowball method, because clearing a whole debt early builds momentum. The best method is the one you’ll stick with — try both here and see how far apart the interest and payoff dates really are for your situation.

How does paying extra each month help so much?

Your minimum payment mostly covers interest, especially on high-rate credit cards, so the balance barely moves. Every extra dollar goes straight to principal, which shrinks the balance that interest is charged on next month — so the savings compound. Rolling each freed-up minimum onto the next debt (the “rollover”) accelerates it further, which is exactly what this planner simulates.

Should I consolidate my debt instead?

A debt consolidation loan replaces several high-rate balances with one fixed payment at a lower rate, which can cut your interest and simplify things to a single due date. It tends to make sense when your cards carry high APRs and your credit is good enough to qualify for a meaningfully lower rate. Run your debts through this planner first so you know your current payoff cost, then compare it against a consolidation offer to see if the new rate actually beats it.

Will paying off debt improve my credit score?

Usually, yes — especially paying down credit cards. Lowering your card balances reduces your credit utilization, which is about 30% of your FICO score and one of the fastest factors to move. Paying off an installment loan helps less directly but still reflects a strong payment history. You can estimate the effect with our credit score tool.

Does this tool store my balances?

No. The entire simulation runs in your browser — nothing you type is sent anywhere or saved. Refreshing the page clears it. You can use it as often as you like without creating an account.