Debt Payoff Calculator
Calculate how long it will take to pay off multiple debts and see totals per debt.
Calculate Now
Get instant, accurate results
How to Use the Debt Payoff Calculator
Multiple debt management might be overwhelming because of the different balances, different interest rates, and even minimum payment amounts. It may be complicated, definitely, to understand where your money is going, or how long it's going to take you to be debt-free. A Debt Payoff Calculator can help you clarify, organize, and view all your debts in one place, showing how long it'll take to pay off each debt, the total interest you'll pay, and how your payments are allocated over time. Unlike simple single-loan calculators, this tool supports multiple debts and uses a rolling payment strategy: as soon as one debt is paid, the system automatically redirects its payment to the remaining debts, accelerating payoff without increasing your overall monthly budget. Whether you're dealing with credit cards, loans, or a combination of debts, this calculator creates a realistic and effective payoff plan.
How to Use
1. Enter Each Debt
Begin by making a list of all debts. Then, put the name of the debt, the balance, the minimum payment, and the interest rate into the form for each debt. All debts together give the calculator a full view of your financial situation.
2. Add or Remove Debts as Needed
You can include a number of loans such as credit card loans, car loans, educational loans, or home loans. You also have the flexibility to delete loans depending on your requirement to adjust according to real-life situations. This gives you the ability to model exactly how your debt looks.
3. Configure Extra Payments
To calculate extra payments you may want to enter: • Extra amount per month • Extra amount every year • One-time lump sum payments The more payments made in addition to regular monthly payments, the less time it will take to
4. Choose Monthly Budget Behavior
You may choose to retain a constant total monthly payment. When enabled, payments made from paid-off accounts are automatically applied to other accounts. That speeds up payoff without raising your current payments.
5. Calculate and Review Results
After providing all of this information, it is possible to compute results such as payoff timelines, total interest paid, or debt schedules. This allows you to better understand which debt you are paying for the most and in what time frame you can potentially be debt-free.
Key Formulas Used
Each debt accrues interest monthly based on its remaining balance and interest rate.
Payments are applied after interest accrues, reducing the balance over time.
When a debt is paid off, its payment is automatically redirected to other debts, accelerating payoff.
Benefits
- Shows payoff time for multiple debts
- Calculates total interest paid across all debts
- Automatically rolls payments to remaining debts
- Supports extra monthly, yearly, and one-time payments
- Helps prioritize high-interest debts
- Creates a clear, realistic payoff roadmap
- Encourages faster debt freedom without budget shock
When & Where to Use
- Paying off multiple debts efficiently
- Planning a debt avalanche strategy
- Understanding total interest costs
- Testing extra payment scenarios
- Staying motivated with clear payoff timelines
- Improving long-term financial stability
- Preparing for major financial goals
Who Should Use This Calculator
The Debt Payoff Calculator is great for individuals dealing with more than one debt at once. It is particularly helpful for those dealing with credit card debt, loans, or even combinations of debt problems. Budget-conscious individuals, families, or planners can employ this tool in order to create effective payoff plans. Whether it is the starting point of your debt-free life or the optimization of the plan, this calculator gives confidence and guidance.
Related Calculators
What is this?
Enter each debt’s balance, monthly payment, and interest rate. We compute the payoff timeline with rolling payments and extra contributions.
How it works
All debts accrue monthly interest. Your total monthly budget (minimums + extra) is applied using a debt avalanche strategy, rolling freed payments into remaining debts.
Pro Tips
- Direct extra money to the highest APR debt for fastest payoff.
- Avoid adding new debt while paying down balances.
- Automate payments to stay consistent.
Frequently Asked Questions
What does this debt payoff calculator do?
This calculator helps you estimate how long it will take to pay off multiple debts, how much interest you’ll pay in total, and how payments are distributed across each debt.
What repayment strategy does this calculator use?
It uses the debt avalanche method, meaning extra payments are applied to the debt with the highest interest rate first, which minimizes total interest paid.
What happens when one debt is paid off?
Once a debt is paid off, its payment is rolled into remaining debts, accelerating payoff without increasing your total monthly budget.
What does “fixed total monthly payment” mean?
When fixed total is enabled, your total monthly payment stays the same even as debts are paid off, with freed-up payments automatically redirected to remaining debts.
How are extra monthly, yearly, and one-time payments applied?
Extra monthly payments are added every month, yearly payments are applied once per year, and one-time payments are applied in the selected month on top of your regular budget.
What if my payments don’t cover interest?
If your payments are too low to cover accruing interest, the calculator will indicate that the debt may never be paid off under current conditions.
Is interest calculated before or after payments?
Interest is calculated first each month, then payments are applied, which matches how most lenders calculate balances.
Can I use this calculator for different debt types?
Yes. You can include credit cards, personal loans, auto loans, mortgages, or any other debt with a balance, payment, and interest rate.
Are these results exact?
The results are estimates based on standard interest calculations and rounding. Actual lender statements may vary slightly due to billing cycles and fees.