Free Debt Payoff Calculator
Compare snowball vs. avalanche strategies, see exactly how extra payments accelerate your debt-free date, and get a personalized monthly payoff plan — all 100% free.
No sign-up required • Runs in your browser • Your data stays private
How much extra can you pay each month beyond the minimums? Even a small amount makes a huge difference.
Disclaimer: This tool provides estimates for informational purposes only. Results are based on the inputs you provide and general assumptions — they do not constitute financial advice. Nova Net Worth is not a registered investment adviser or financial planner. Consult a qualified financial professional before making decisions based on these results.
Three simple steps to your personalized debt-free plan.
Add each debt with its current balance, interest rate, and minimum monthly payment. Include credit cards, student loans, car loans — everything.
Select Avalanche (highest interest first) to save the most money, Snowball (smallest balance first) for quick wins, or set a custom order.
Get your exact payoff date, total interest costs, a month-by-month schedule, and see how much extra payments save you.
Best for: Disciplined savers who are motivated by numbers
Best for: People who need motivation and quick wins
Even small extra payments create a compounding effect that can save you thousands and years.
Extra payments go directly toward principal, reducing the balance that generates interest each month. This creates an accelerating payoff effect.
Every dollar you pay above the minimum reduces your total interest cost. On a $20K credit card at 22%, an extra $100/month saves ~$8,000.
Combined with a focused strategy (avalanche or snowball), extra payments can cut years off your debt-free date and open doors to saving and investing.
As each debt is paid off, those freed-up payments cascade to the next debt. Your effective extra payment grows larger with each debt eliminated.
Paying down debt reduces your credit utilization ratio — one of the biggest factors in your credit score. Lower balances = higher score.
Every debt you eliminate is a recurring monthly expense gone forever. That money becomes yours to save, invest, or spend as you choose.
The debt avalanche method prioritizes paying off debts with the highest interest rates first while making minimum payments on all other debts. Once the highest-rate debt is eliminated, you redirect those payments to the next highest rate. This method mathematically saves the most money in total interest paid, making it the financially optimal choice for most people.
The debt snowball method prioritizes paying off debts with the smallest balances first, regardless of interest rates. As you eliminate each small debt, you roll that payment into the next smallest debt, creating a "snowball" effect. While you may pay slightly more in total interest, research shows people using this method are more likely to stick with their plan due to the motivational boost from quick wins.
The avalanche method saves more money in interest, while the snowball method provides more psychological wins. If you're disciplined and motivated by math, choose avalanche. If you need early wins to stay motivated, choose snowball. The best method is whichever one you'll actually stick with — both are significantly better than making only minimum payments.
Even modest extra payments can dramatically reduce your payoff timeline. For example, adding just $200/month to a $30,000 debt load at 15% average interest can save you over $10,000 in interest and cut years off your payoff date. Use the calculator above to see the exact impact for your situation.
A common rule of thumb: if your debt interest rate exceeds the expected investment return (historically ~7-10% for stocks), prioritize debt payoff. High-interest credit card debt (15-25%) should almost always be paid first. For lower-rate debt like mortgages (3-7%), investing alongside debt repayment may make sense. Consider your risk tolerance, emergency fund, and employer 401(k) match before deciding.
Yes! This debt payoff calculator is completely free to use — no sign-up required. It runs entirely in your browser, and we don't store any of your financial data. If you want to track your actual debt payoff progress over time with automatic balance syncing and AI insights, you can try Nova Net Worth free for 30 days.
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