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FINANCE · Debt repayment · Free debt payoff planner

Debt Payoff Planner: When Could You Be Debt-Free, and How Much Interest Might You Pay?

Compare paying off high-interest debt first with paying off smaller balances first. Calculations run in your browser; debt balances are not sent elsewhere.

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Initial estimate

This result is generated in your browser. Review the calculation method and limitations alongside it.

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Scope: This tool is for educational purposes and is not personalized advice.

What is a debt payoff planner?

DEBT INFOGRAPHIC

2 common debt repayment strategies: avalanche vs. snowball

Compare repayment approaches to reduce total interest and work toward financial freedom.

01

Avalanche method (highest interest first)

Math Optimization
May save the most on interest Prioritize the debt with the highest interest rate to reduce total interest costs.
02

Snowball method (smallest balance first)

Behavioral Optimization
Build momentum with an early payoff Pay off smaller balances one at a time to build motivation and repayment habits.

What this debt payoff planner estimates

Debt payoff calculation method

The repayment schedule uses compound-interest and amortization calculations, and compares the 2 strategies in your browser.

Free debt payoff estimates versus personalized advice

This free tool offers a preliminary comparison of debt repayment strategies. To review your income and expenses and find room for extra payments, try the monthly budget planner.

Detailed monthly budget planner →

Related tools

Read more

Explore articles that explain the topic and its limitations, while keeping educational information separate from personalized advice.

Frequently asked questions about debt repayment

What is the difference between avalanche and snowball?

The avalanche method prioritizes the highest-interest debt to reduce total interest. The snowball method prioritizes the smallest balance to build motivation.

Do I need exact balances and interest rates?

For a more accurate estimate, enter each debt’s outstanding balance, annual interest rate and minimum payment.

Does this debt payoff planner cost anything?

No. You can use the calculator in your browser without creating an account. Portal data is stored in this device’s browser.

Should I pay the minimum on every debt and put extra money toward one debt?

Pay at least the minimum on every debt to maintain your credit history, then direct extra payments toward one target debt.

Should I pay off credit card debt or a mortgage first?

Prioritize credit card debt when its interest rate is much higher (16–25% per year).

What should I do with the result?

Consider automating minimum payments on all debts and directing extra payments to the selected debt when you receive your salary.

KGK
Reviewed & developed byKanngong Kanngoen TeamThe formulas have been tested and reviewed against international planning standards.
Risk and use disclaimer: This tool is for educational and preliminary planning purposes only. It is not individualized financial, legal or medical advice. Results are scenarios based on the information and assumptions entered. Calculations run in your browser; saved data and third-party services may work differently. Please read Privacy Policy