Debt Payoff Calculator
Create a debt repayment plan and track progress.
How to Do It Manually
Debt payoff is managed using either the Avalanche method (pay highest interest first) or Snowball method (pay smallest balance first). Calculate monthly payments and total interest.
Monthly Payment = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1]
- List all debts with balance, interest rate, and term.
- Choose Avalanche (highest rate first) or Snowball (smallest balance first).
- Calculate monthly payment for each debt.
- Track payoff progress.
Frequently Asked Questions
Which payoff method saves more money?
Avalanche saves more interest. Snowball is psychologically rewarding (paying off debts faster) and may motivate consistency.
Can I pay multiple debts at once?
Yes. Pay minimums on all, then direct extra money toward your chosen debt priority.