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What this tool does

Estimate a payoff timeline for more than one debt. Enter each balance, APR, and minimum payment, then choose whether extra money goes to the highest APR or the smallest balance.

How to use

1. Enter at least one debt. Add more with Add debt. The sample starts with three debts.
2. Enter a minimum payment that is larger than one month of interest on that balance.
3. Enter an extra monthly payment, or 0 to use minimums only.
4. Choose highest interest first or smallest balance first, then press Calculate.

Examples

• Two zero-interest balances

  A 1,000 balance and a 500 balance, each with a 100 minimum, pay the smaller one off first when both rates are 0. Freed minimums then go to the remaining balance.

• A minimum that does not cover interest

  If a minimum is less than or equal to the first month of interest, the page stops and says that balance would not fall.

Main features

• Several debts in one estimate, which a single loan payment page does not do.
• A payoff order and the interest on each debt.
• A side-by-side view of both strategies, with and without the extra payment.

How it works

Each month the balance is charged interest at APR divided by 12. Each debt then receives its minimum payment. Extra money, and any minimum freed when a balance hits zero, goes to the debt you selected: the highest APR, or the smallest balance. The two plans can finish on different months and charge different interest. The page shows those differences and does not call either plan better.

Tips

• Use 0 extra when you only want the minimum-payment timeline.
• Name each debt so the payoff order is easy to read.

Limitations

This is an estimate from the balances, rates, and payments you enter. A lender may apply payments or interest on a different schedule. The month count is not a guaranteed calendar date.

See the disclaimer for what these tools do not cover.

FAQ

How long will it take to pay off my debt?

The page counts months until every balance you entered reaches zero under the payments and strategy you chose. It is an estimate.

What is the debt avalanche method?

Highest interest first sends the extra payment, and later any freed minimum, to the open debt with the highest APR.

What is the debt snowball method?

Smallest balance first sends that extra money to the open debt with the smallest balance.

How does an extra payment affect debt payoff?

The extra amount is applied after the minimums. The comparison shows the same debts with that extra amount and with minimums only.

How much interest will I pay?

Total interest is the sum of the monthly interest charged until the balances reach zero. It changes with the rates, the minimums, and where the extra payment goes.

Are these numbers sent to a server?

No. The balances and minimums stay on this page. They are not uploaded.