Debt Payoff Calculator
Quick answer
List each debt: balance, APR, minimum. Add extra monthly dollars and pick strategy—compare payoff month and interest paid. When two installment loans look “close,” an APR versus note rate comparison catches fee-loaded offers that a note rate hides.
For a related estimate, see Auto Loan Calculator.
Explore further: Car Loan Calculator · Credit Card Calculator
Strategy tradeoff
Avalanche saves interest; snowball can accelerate early wins—hybrid is common in real households.
Explore further: Credit Card Interest Calculator · Credit Card Payoff Calculator
This intent is holistic: multiple balances, different APRs, and strategy choice. Snowball targets smallest balance first for momentum; avalanche targets highest APR for lowest interest. For any single installment line, you can still ground the payment in a loan payment calculator before you stack strategies.
How to use this calculator
- Minimums first: Cover all minimums before allocating snowball/avalanche extra.
- Rate order: Avalanche minimizes interest mathematically if behavior holds.
- Windfalls: One-time drops change payoff order timing—re-run after bonuses. If you refinance one loan to lower the monthly loan payment, feed the new minimums back into this planner.
Real-world examples
- Example: $18k total across 4 cards—$200 extra/mo often cuts payoff by years vs minimums (illustrative).
- Sensitivity check: Nudge the rate by about +0.5% and the principal by about −5%. If the payment, break-even, or target amount moves enough to change your decision, you are still on a steep part of the curve where small inputs matter.
What this means
Strategy choice changes order of payoff, not the need to cover minimums—run both snowball and avalanche.
FAQ
Is this a loan commitment?
No. Outputs are educational estimates. Final payments, APR, and fees come from your lender’s disclosures.
How accurate is this calculator?
It applies standard math to the inputs you enter. Real lenders, payroll rules, and rounding can differ—use results for planning and comparison, not as binding quotes.
Why might my result differ from another website?
Different assumptions (APR vs note rate, day-count, tax year, rounding mode, or unit definitions) shift outputs slightly. Align inputs with the same definitions when you compare.