Enter Loan and Debt Details
Example Data Table
Use this sample to test the calculator quickly.
| Name | Balance | APR | Minimum Payment |
|---|---|---|---|
| Visa Card | $4,200 | 24.90% | $125 |
| Personal Loan | $8,800 | 11.50% | $250 |
| Auto Loan | $15,300 | 6.90% | $390 |
| Student Loan | $6,700 | 4.80% | $140 |
Formula Used
Monthly interest rate: APR ÷ 100 ÷ 12
Monthly interest: Current balance × monthly interest rate
Monthly payment budget: Total minimum payments + extra payment + selected lump sum
Principal paid: Total monthly payment − monthly interest
New balance: Previous balance + interest − payment applied
Avalanche order: Highest APR first. This often reduces total interest.
Snowball order: Lowest balance first. This often creates faster early wins.
How to Use This Calculator
- Enter each debt on a separate row.
- Use the format: name, balance, APR, and minimum payment.
- Choose avalanche, snowball, or highest balance payoff order.
- Add your extra monthly payment.
- Add any one-time lump sum and its month.
- Set a start date for the payoff schedule.
- Press the calculate button.
- Review the results above the form.
- Download the CSV or PDF for records.
Debt Payoff Planning Guide
Why payoff order matters
A debt payoff plan gives structure to every payment. It also shows how much interest may be avoided. The avalanche method focuses on the highest rate first. This approach usually saves the most money. It attacks expensive debt before cheaper debt. The snowball method focuses on the smallest balance first. This approach can feel easier to follow. It creates quick wins and visible progress.
How extra payments change the result
Extra payments can shorten the payoff timeline. Even a small added amount may reduce interest. The key is consistency. This calculator keeps the total payment budget active. When one debt is paid, its payment rolls into the next target. That rollover is the main force behind both methods. It turns old minimum payments into stronger principal payments.
Choosing a strategy
Choose avalanche when saving interest is your top goal. Choose snowball when motivation is more important. Many people need a method they can keep using. A mathematically perfect plan does not help if it is abandoned. Compare both results before choosing. Look at the interest cost, payoff month, and first debt cleared. These details can show which plan fits your behavior.
Reading the schedule
The monthly schedule shows payment, interest, principal, and remaining balance. Interest is added before payments are applied. Minimum payments go to active debts first. Remaining money goes to the current priority debt. The chart shows the falling balance over time. A steeper line means faster payoff progress. Use the CSV file for deeper review. Use the PDF file for sharing or planning meetings.
Practical payoff tips
Keep an emergency fund while reducing debt. Avoid adding new balances during the plan. Recalculate after rate changes or large payments. Review the plan every few months. Increase extra payments when income rises. Direct bonuses or refunds toward the target debt. A clear plan can turn several debts into one focused monthly action.
FAQs
What is the loan avalanche method?
The avalanche method pays minimums on all debts, then sends extra money to the highest APR debt first. It usually saves the most interest.
What is the loan snowball method?
The snowball method pays minimums on all debts, then sends extra money to the smallest balance first. It can build motivation through quick wins.
Which method saves more money?
The avalanche method usually saves more money because it targets the most expensive interest rate first. Results depend on your balances and rates.
Which method is better for motivation?
The snowball method is often better for motivation. It clears smaller debts sooner and gives visible progress early in the payoff journey.
Does this calculator roll over paid-off minimums?
Yes. The calculator keeps the original minimum payment budget active. When a debt is cleared, that payment helps attack the next debt.
Can I add a one-time extra payment?
Yes. Enter a lump sum and choose the month it should apply. The amount is added to that month’s payment budget.
Why does the payoff date change?
The payoff date changes when rates, balances, minimums, extra payments, or lump sums change. Small changes can affect interest and timeline.
Can I export my payoff schedule?
Yes. Use the CSV button for spreadsheet analysis. Use the PDF button for a printable payoff summary and schedule.