# Debt Payoff Calculator General-purpose debt payoff planner comparing avalanche, snowball, and minimum-only strategies. Enter debts as 'name, balance, APR%, minPayment $' per line plus an extra monthly payment. Shows payoff time, total interest, savings, balance decline curves, and a per-debt repayment detail table. > Canonical page: https://elysiatools.com/en/tools/debt-payoff-calculator - **Category:** Finance - **Keywords:** debt payoff, debt free, avalanche, snowball, minimum payment, interest savings, amortization, finance ## Overview The Debt Payoff Calculator helps you plan your journey to becoming debt-free by comparing avalanche, snowball, and minimum-payment-only strategies. By entering your debts along with an extra monthly payment, you can instantly visualize your payoff timeline, total interest costs, potential savings, and a detailed repayment schedule. ## Inputs - **Debts (one per line: name, balance, APR%, minPayment $)** (textarea): e.g. Personal Loan, 10000, 9.5, 200 Credit Card, 4500, 22.0, 90 Medical Bill, 1500, 0, 50 - **Extra Monthly Payment** (number): e.g. 300 - **Strategy** (select) - **Decimal Places** (number) ## When to use - When you want to compare the financial impact of the debt avalanche method versus the debt snowball method. - When you have extra monthly budget and want to see how much faster you can pay off your credit cards, loans, or medical bills. - When you need a structured, step-by-step monthly repayment schedule to track your progress toward becoming debt-free. ## How it works - Input your debts line-by-line, specifying the name, current balance, annual percentage rate (APR), and minimum monthly payment for each. - Enter any extra monthly amount you can afford to pay toward your debts beyond the minimum payments. - Select your preferred repayment strategy—Avalanche (targeting highest interest first), Snowball (targeting lowest balance first), or Minimum Only. - Review the generated payoff timeline, total interest paid, interest savings, balance decline curves, and the detailed per-debt payment table. ## Use cases - Comparing the total interest savings of the debt avalanche method against the debt snowball method. - Determining how adding an extra $200 or $500 monthly payment accelerates your debt-free date. - Generating a month-by-month amortization schedule for multiple credit cards and personal loans. ## Frequently asked questions ### What is the difference between the Avalanche and Snowball strategies? The Avalanche strategy prioritizes paying off debts with the highest APR first to minimize total interest, while the Snowball strategy targets the smallest balances first for quick psychological wins. ### How do I format the debt list in the input area? Enter each debt on a new line using the format: 'Name, Balance, APR, Minimum Payment'. For example: 'Credit Card, 4500, 22.0, 90'. ### Can I calculate my payoff timeline without making extra monthly payments? Yes, you can set the extra monthly payment to 0 or select the 'Minimum Only' strategy to see your baseline payoff timeline. ### Does this calculator support promotional 0% APR periods? The calculator uses a fixed APR for the duration of the payoff period; it does not support variable or temporary promotional rates. ### What does the balance decline curve show? 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