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How it works
Formula & explanation
Debt Payoff Calculator uses the following calculation:
Months solves: Balance amortizes to 0 at Payment per month, rate APR/12
This is a simplified model intended for planning and education. Real-world offers from lenders, institutions, or tax authorities may include additional fees, rules, or adjustments not reflected here.
FAQ
Frequently asked questions
What's the difference between debt snowball and debt avalanche?
Snowball pays off smallest balances first for psychological wins; avalanche targets the highest interest rate first to minimize total interest paid.
Does making extra payments always help?
Yes — extra payments reduce principal faster, cutting both the payoff timeline and total interest, as long as there's no prepayment penalty.
What if I have multiple debts?
See our Debt Consolidation Calculator to model combining several balances into a single payment.
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