Money & Finance
Debt Payoff Calculator
Line up every debt, compare snowball, avalanche, and irregular-income payoff plans, and see what a consolidation loan would do.
How it works
Behind the numbers
List each debt with its balance, APR, and minimum payment. Every simulated month, interest accrues on each open balance, minimums are paid on all of them, and the rest, the extra payment plus the minimums freed up by debts already cleared, goes to the target debt. Snowball aims at the smallest balance first; avalanche aims at the highest APR first.
Irregular-income mode replaces the fixed extra payment with your own month-by-month list. Enter the amounts in order, separated by commas, for example 150, 150, 900, 150 for two lean months, a bonus month, and a normal month. The list repeats until every debt is gone, so uneven income is modeled instead of averaged away.
The consolidation box prices a single loan for the combined balance at the APR and term you enter, using standard amortization, and sets its total interest next to your plan's total. Every figure is a planning estimate. If the minimum payments do not cover a month's interest, the balance never clears, and the calculator says so instead of guessing.
FAQ
Questions, answered
Which is better: debt snowball or avalanche?
Avalanche wins on math: it targets the highest APR first, so less interest accrues. Snowball targets the smallest balance first, which clears a debt sooner and keeps some people going. Run both above on your own debts and compare the interest difference before choosing.
How do I plan debt payoff with irregular income?
Most calculators assume the same extra payment every month, which rarely matches freelance or seasonal income. The irregular-income mode takes your extra payments month by month, in order, and repeats the list, so a bonus month lands where it actually lands.
Is a debt consolidation loan worth it?
It can be, if the new APR sits well below your current average and you stop adding new debt. The consolidation box above prices one out at your numbers: compare its total interest against your snowball or avalanche total before deciding.
Should I include my mortgage in a debt payoff plan?
Usually not. Mortgages are large, low-rate, and secured, so they distort the snowball or avalanche order. This calculator is built for credit cards, auto loans, and personal loans; keep the mortgage on its own schedule.
What happens if I only make minimum payments?
You pay the most interest and take the longest. Enter 0 as the extra payment above and the simulation shows the minimum-only timeline, so you can see exactly what the extra payments buy you.