Your debts
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Prefilled with the St. Louis Fed example: a $5,000 card at 20% and a $2,500 card at 14%, $200 a month in total. Replace with your own numbers.
Cheapest order: debt-free by
–Both orders side by side
| Order | Debt-free | Interest |
|---|
When each debt is paid off
What a bigger monthly payment buys (avalanche)
| Pay per month | Debt-free in | Interest saved |
|---|
How the debt payoff calculator works
The calculator repeats one monthly cycle until every balance reaches zero. It adds a month of interest to each debt, pays every minimum, and sends the rest of your monthly total to one target debt. When the target is paid off, its minimum stays in the monthly total and moves to the next target, which is why the payoff speeds up over time.
- 01Monthly interest. Balance × annual rate (APR) ÷ 12, added before the payment.
- 02Minimums first. Every open debt receives its minimum payment, or the remaining balance if that is smaller.
- 03The extra goes to one target. Avalanche picks the highest rate; snowball picks the smallest balance. Ties go to the other rule.
- 04Freed payments roll over. Your monthly total stays the same until the last debt is gone.
- 05Minimums-only row. Each debt gets only its own minimum, and paid-off minimums are not reused. It shows what the plan saves compared with paying the minimum.
Assumptions: fixed rates, monthly interest, no new charges, no fees, one payment per debt per month. Card minimums that shrink with the balance are treated as fixed amounts, so the minimums-only row is a best case for those cards. Results are estimates for planning and do not replace advice from your lender or a credit counsellor.
What you need before you start
- 01Current balance of each card, loan or line of credit, from the latest statement or the lender’s app.
- 02Interest rate (APR). On a promotional 0% balance, enter 0 and run the calculator again on the date the promotion ends.
- 03Minimum payment per month. For a loan with a fixed instalment, enter the instalment.
- 04The extra you can add each month without putting new spending on a card. If you are unsure, the 50/30/20 calculator shows what 20% of your take-home pay is.
Example: two cards and $200 a month
The Federal Reserve Bank of St. Louis used this borrower to compare the two orders: Card A owes $5,000 at 20% with an $85 minimum, Card B owes $2,500 at 14% with a $40 minimum. Running the same debts through this calculator at different monthly totals gives:
| Pay per month | Avalanche | Snowball |
|---|---|---|
| $125, minimums only (rolled over) | 14 yr · $13,398 | 14 yr · $13,398 |
| $200, the Fed example | 4 yr 7 mo · $3,397 | 4 yr 10 mo · $3,977 |
| $250 | 3 yr 4 mo · $2,375 | 3 yr 6 mo · $2,777 |
| $300 | 2 yr 8 mo · $1,839 | 2 yr 9 mo · $2,145 |
| $450 | 1 yr 8 mo · $1,114 | 1 yr 8 mo · $1,292 |
Time to debt-free · total interest. Source of the debts and the $200 case: Federal Reserve Bank of St. Louis, Page One Economics, 1 Feb 2023 (it reports $3,396 and $3,976; the $1 gap is rounding). Other rows: our own month-by-month calculation.
Two things stand out. The order matters less than the amount: going from $200 to $250 a month saves about $1,000 and more than a year, while switching from snowball to avalanche at $200 saves $580. And paying only the minimums stretches the same $7,500 over 14 years.
Snowball or avalanche: which order to pick
Pick the avalanche when one debt charges far more than the rest, for example a card at 20% next to a car loan at 6%. Pick the snowball when rates are within a few points of each other or when you have dropped a payoff plan before; the first closed account comes sooner and the extra interest is small. If your smallest debt is also the most expensive, both orders start in the same place. The research behind the choice is in debt snowball vs avalanche, and ways to raise the monthly amount are in how to pay off debt fast.
Keep the plan running after today
A calculator gives you a date once. Finman keeps each debt with its balance, rate, lender and due date next to your budget, so you log each payment and see what is left. Free during the open beta, no card.
Add my debts freeWhere Finman fits
Finman keeps each debt with its balance, interest rate, lender and due date next to your budgets and spending. You log each payment and see what is paid, what is left and which debt is overdue; due dates show in the calendar. The AI CFO’s savings plan lists your debts by size and suggests an order. To see the debt features, open the debt payoff planner page or Finman features; to compare apps built for this job, read best debt payoff apps. If the monthly total does not cover your minimums, start with budgeting while paying off debt.
Frequently asked questions
How do I calculate my debt payoff date?
Each month, add interest to the balance (balance × annual rate ÷ 12), subtract your payment, and repeat until the balance reaches zero. With several debts, pay every minimum and send the rest to one target debt. The calculator above runs this month by month and gives a date for each debt and for the last one.
Is the debt snowball or the debt avalanche better?
The avalanche (highest rate first) costs the least interest. In the St. Louis Fed two-card example with $200 a month it saved about $580 and three months. The snowball (smallest balance first) closes an account sooner, which helps some people stay with the plan. When rates are close, the two finish within weeks of each other.
How much faster will extra payments get me out of debt?
It depends on your rates and balances. In the two-card example, raising the monthly total from $200 to $250 moves the debt-free date from 4 years 7 months to 3 years 4 months and saves about $1,000 of interest. Type your own extra amount into the calculator to see your figure.
What makes a good debt payoff planner?
It needs every balance, rate and minimum, both payoff orders, and a date per debt that updates when you pay. This calculator gives the plan in one sitting. To log payments and watch balances fall month after month, keep the debts in a tracker such as Finman next to your budget.
Does the calculator include new charges or rate changes?
It assumes fixed rates, no new charges and no fees. If a promotional rate ends, a rate changes or you keep using a card, run it again with the new numbers.
Is my data saved or sent anywhere?
The numbers stay in this browser tab and are gone when you close it. To keep your debts and payments, add them to a free Finman account.
Got your date? Put it where you will see it
Add your debts to Finman and log payments as you make them. Free during the open beta.
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