Debt Payoff Calculator

Frequently Asked Questions

• How does the debt payoff calculator work?
  It applies your fixed monthly payment to the outstanding balance, subtracting interest each month and reducing principal until the balance reaches zero. The result tells you how many months it takes and total interest paid.
• Should I use the avalanche or snowball method?
  The avalanche method (highest interest rate first) saves the most money mathematically. The snowball method (smallest balance first) gives quick psychological wins. Both work — pick the one you'll actually stick with.
• Is there a minimum payment for this calculator to work?
  Yes — your monthly payment must exceed the monthly interest charge. If it doesn't, your balance grows instead of shrinks and you'll never pay off the debt.
• Does this include credit card debt?
  Yes. Enter your current credit card balance, APR, and planned monthly payment. The calculator works identically for personal loans, credit cards, and any other fixed-rate debt.