Free tool
Debt payoff calculator
Enter up to five debts and any extra amount you can pay each month. Pick snowball (smallest balance first) or avalanche (highest rate first) to see your debt-free date, total interest and the order debts disappear. The starting numbers are an example. Nothing is stored.
Debt-free in
2 yr 4 mo
- Total debt
- $15,800
- Total interest
- $2,366
- With no extra payment
- 3 yr 4 mo
- Interest saved by extra
- $1,629
Payoff order
- Medical billmonth 4
- Store cardmonth 8
- Visamonth 23
- Car loanmonth 28
Assumes fixed rates, no new charges and the same total payment every month, rolling each paid-off payment into the next debt. Real statements will differ a little.
If the numbers look impossible
If your minimum payments don't fit your budget, you're not alone and you have options. Call your creditors about hardship programs, and talk to a nonprofit credit counselor for free. See where to find free, legitimate help.