Loan Payoff Calculator

Enter your loans, credit cards, or other debts and build a payoff plan. Choose snowball or avalanche, add extra monthly, yearly, or one-time payments, and see when you’ll be debt-free, how much interest you’ll pay, and how your balance declines over time.

Debt inputs & payoff strategy
Choose how extra money is targeted.
Display only — does not affect math.
How detailed you want the outputs.
%
# Debt name Remaining balance Monthly / min. payment Interest rate
1. %
2.
3. %
4. %
5. %
6. %
Extra payments
per month
per year
in month

Extra payments are applied using your selected method. With avalanche, extra money targets the highest-interest debt first; with snowball, it targets the smallest balance first.

If “Yes” is selected, your total monthly out-of-pocket amount stays the same until all debts are gone (freed-up payments roll into remaining loans). If “No”, your monthly payment drops as each debt is paid off.
Estimated debt-free in —

Total starting debt

—
Sum of all balances entered.

Monthly payments (min)

—
Total of required minimum payments.

Total paid until zero

—
Principal + interest across all debts.

Total interest

—
Cost of borrowing over the payoff period.

Payoff details by debt

Debt Start balance Months to payoff Total interest
Total balance over time
Remaining balance

How to use this loan payoff calculator

This loan payoff calculator lets you enter several debts at once (auto loans, student loans, credit cards, personal loans) and build a custom payoff schedule with extra payments.

  • Step 1: Enter each debt’s name, remaining balance, minimum monthly payment, and interest rate.
  • Step 2: Choose a debt payoff strategy: avalanche (highest interest first) or snowball (smallest balance first).
  • Step 3: Add extra payments per month, per year, and optionally a one-time lump sum.
  • Step 4: Choose whether your total monthly out-of-pocket stays fixed or decreases as debts are paid off.
  • Step 5: Click Calculate to see your debt-free date, total interest, and payoff chart.

Debt avalanche vs debt snowball payoff

Debt avalanche method: you focus on the highest-interest rate first.

  • Mathematically lowest total interest cost.
  • Great for people who are comfortable waiting a bit longer for the first “big win”.

Debt snowball method: you target the smallest balance first.

  • Fastest early wins — you knock out small balances quickly.
  • Helpful if you’re motivated by momentum and quick progress.

This loan payoff calculator supports both strategies so you can see which debt payoff plan fits your budget and your motivation style.

How extra payments change your loan payoff schedule

Even small extra payments can save a surprising amount of interest and shorten your payoff timeline.

Extra monthly payment      → Applied every month to your target debt.
Extra yearly payment       → Split evenly across 12 months in the payoff math.
One-time extra payment     → Applied in a specific month (e.g. tax refund).

In “fixed total monthly” mode, once a loan is paid off, the money you were paying on that loan automatically rolls into the remaining debts. In “non-fixed” mode, your total monthly payment drops as each debt is cleared.

Example: multi-loan payoff plan with extra payments

Imagine you have:

  • $6,000 on a credit card at 19% APR with a $150 minimum payment
  • $25,000 auto loan at 5% APR with a $519 payment
  • $3,000 on a second card at 17% APR with a $60 payment

If you pay only the minimums, you’ll stay in debt much longer and pay more interest. Add just $100 extra per month using the avalanche method and keep your monthly budget fixed:

  • Your credit cards are paid off sooner.
  • Freed-up payments roll into the auto loan.
  • Your total interest across all loans drops significantly.

Payoff planning: realistic loan payoff goals

Use this tool as a loan payoff planner to test different scenarios:

  • How much extra per month is needed to be debt-free in 3 years?
  • What if you switch from snowball to avalanche?
  • What if you apply a tax refund as a one-time extra payment?

The calculator updates your estimated debt-free date and total interest so you can pick a realistic goal that fits your monthly budget.

Loan payoff strategy tips

  • Always make at least the minimum payment on every debt to avoid fees and credit damage.
  • Choose avalanche if you want to minimize interest.
  • Choose snowball if you need fast psychological wins.
  • Automate extra payments if possible so you stay consistent.
  • Re-run the loan payoff calculator whenever your income, expenses, or balances change.

FAQ: loan payoff calculator & debt payoff schedule

What is a loan payoff schedule?

A loan payoff schedule (or debt payoff schedule) shows how long it will take to pay off your debts, how much you’ll pay each month, and how much of each payment goes to interest vs principal.

Does this calculator support multiple debts?

Yes. You can enter up to six separate debts and the tool will simulate them all together.

Is this a loan payoff calculator with extra payments?

Yes. You can add monthly, yearly, and one-time extra payments and choose whether your overall monthly out-of-pocket stays fixed or decreases over time.

Which is better — snowball or avalanche?

Avalanche is mathematically cheaper (less interest). Snowball creates faster early wins. The best method is the one you’ll actually stick with consistently.

Does the loan payoff calculator include new purchases?

No. It assumes you stop adding new charges to your debts and focus on paying them down.