Free Debt Payoff Calculator
List your debts, add what you can pay each month, and see your debt-free date. Compare the snowball and avalanche methods side by side, and test what an extra payment changes.
Your debts and monthly payment
The example numbers below are a sample. Replace them with your own balances from your latest statements.
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- Debt-free
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- Months
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- Total interest
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- First debt paid off
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- Debt-free
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- Months
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- Total interest
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- First debt paid off
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Balance by debt
Payoff order
| # | Debt | Paid off |
|---|
What a little more each month changes
| Each month | Debt-free | Interest saved |
|---|
Uses the method selected above. Interest saved is compared with your current plan.
Estimates only. Assumes each rate and minimum payment stay the same, no new charges, and interest added monthly. Your lender's figures will differ somewhat. This is a planning tool, not financial advice.
Now stay on track, month after month
A payoff date is the start. The Prosperity Debt Freedom Planner turns it into a plan you can follow and update when life changes.
See the Debt Freedom Planner on Etsy →Excel and Google Sheets · Instant download- A monthly action plan: exactly what to pay on each debt
- Check-ins that show if you're ahead or behind your original plan
- Add a new debt or change your budget without losing your plan
- A balance transfer check, using your own payments
- Works on your phone in Google Sheets
Debt snowball vs. debt avalanche
Both methods pay every minimum each month and put any extra money toward one "focus" debt. When that debt is paid off, its payment rolls into the next one. The difference is which debt comes first.
- Snowball: smallest balance first. You clear whole debts sooner, which many people find motivating.
- Avalanche: highest interest rate first. This usually costs less interest overall, sometimes by a lot when rates are very different.
When your debts have similar rates, the two methods often land close together. The comparison above shows the gap for your own numbers.
How this calculator works
Each month it adds interest to every balance (APR ÷ 12), pays each minimum, then sends the rest of your monthly payment to the focus debt. Payments from paid-off debts roll into the next focus debt, so your total monthly payment stays the same until everything is paid.
Common questions
Which balances should I use?
Use the current balance and minimum payment from your latest statement, and the purchase APR. If you have a promotional rate, enter the rate you'll pay after it ends for a more conservative estimate.
Why does the calculator say a debt won't be paid off?
If a minimum payment doesn't cover that month's interest, the balance keeps growing. Add more to your monthly payment, or check the minimum and rate you entered.
Should I include my mortgage?
Most people leave the mortgage out and focus on credit cards, personal loans, car loans and student loans. Mortgage payoff works differently, with a long term and usually a lower rate.
Is the snowball or avalanche method better?
Avalanche usually saves the most interest. Snowball can be easier to stick with because debts disappear faster. The best plan is the one you'll keep following.
Your numbers stay with you.
This calculator runs in your browser. Prosperity doesn't ask for an account, bank connection or email address, and doesn't receive or store the numbers you enter. Your entries stay in this browser tab; closing the tab or choosing Start over clears them.