Debt Payoff
Calculator
Results
- Total paid
- $1,548.86
- Total interest
- $48.86
- Months to debt-free
- 8
Combined debt balance by month
Debt payoff order
- 6 Debt BDebt paid off506.35
- 8 Debt ADebt paid off1042.52
Debt strategy results
- Debt A
- Total paid1042.52
- Total interest42.52
- Payoff month8
- Debt B
- Total paid506.35
- Total interest6.35
- Payoff month6
Monthly debt payoff schedule
| 1 | 200.00 | 10.42 | 1,310.42 |
| 2 | 200.00 | 9.24 | 1,119.66 |
| 3 | 200.00 | 8.06 | 927.73 |
| 4 | 200.00 | 6.88 | 734.60 |
| 5 | 200.00 | 5.68 | 540.28 |
| 6 | 200.00 | 4.48 | 344.76 |
| 7 | 200.00 | 2.87 | 147.63 |
| 8 | 148.86 | 1.23 | 0.00 |
Formula
B = ΣPₘᵢₙ + E; Iₘ = Dₘ × r ÷ 12- B
- 200.00
- APR
- Rate entered for each debt
= 1548.86
Note
This is a deterministic planning estimate. Confirm rates, fees, past-due accounts, minimums, and relief options with each creditor.
More in Financial
See all →Frequently asked questions
What is the difference between the avalanche and snowball methods?+
The avalanche method directs extra payments to the debt with the highest interest rate first, minimizing total interest paid. The snowball method targets the smallest balance first, which clears individual debts faster and can help maintain motivation, at a small extra cost in interest.
How is my total interest paid calculated across multiple debts?+
The calculator tracks each debt's balance, rate, and minimum payment separately, applies any extra payment according to the strategy chosen, and sums the interest accrued on every debt until all balances reach zero.
Does adding a lump sum payment actually shorten my timeline noticeably?+
Yes, a lump sum applied to principal reduces the base on which future interest is calculated immediately, which can meaningfully shorten the payoff timeline, especially on high-rate debt like credit cards.
Should I keep paying minimums on debts I'm not focusing on?+
Yes, always keep every debt's minimum payment current regardless of strategy. Missing a minimum on a lower-priority debt can trigger fees and credit damage that outweigh any interest saved by focusing elsewhere.
What happens if my extra payment amount changes month to month?+
The projection assumes a consistent extra payment; if your actual extra payment varies, the real payoff date will shift accordingly. Re-run the calculator periodically with updated figures to keep the projection realistic.