Free Debt Payoff Calculator
See your debt-free date. Compare snowball vs avalanche. No signup required.
Your debts
Add each debt with its current balance, interest rate, and minimum payment.
Debt 1
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Any amount above your minimums that you can throw at debt each month.
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Frequently asked questions
What is the snowball method?
The snowball method pays off your smallest balance first while making minimum payments on everything else. When the smallest debt is gone, you roll that payment into the next smallest. It's designed to build momentum through quick wins.
What is the avalanche method?
The avalanche method targets your highest interest rate first. This saves the most money in total interest, but the first payoff may take longer than snowball.
Which is better — snowball or avalanche?
Avalanche saves more money. Snowball gives faster psychological wins. The best method is whichever one you'll stick with. This calculator shows you the exact dollar difference so you can decide.
How does extra monthly payment help?
Extra payments go directly toward principal after minimums are covered. Even $50/month extra can shave months or years off your payoff timeline and save hundreds in interest.
Is this calculator accurate?
Yes. It uses the same penny-accurate engine as the full OwedLess app, with monthly compounding and proper payment allocation. For even more accuracy with biweekly or weekly pay schedules, create a free account.
Do I need to create an account?
No. This calculator works instantly with no signup. If you want to save your plan, track payments over time, get email reminders, or run what-if scenarios, you can create a free account.
What can I do with a free OwedLess account?
Free accounts can save up to 3 debts, track payments, see your payoff roadmap, monitor credit utilization, and celebrate milestones. Upgrade to OwedLess+ for unlimited debts, What-If Lab, calendar feed, and more.
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Free to start. No credit card. No bank connection.
Upgrade to OwedLess+ for biweekly schedules, What-If Lab, calendar feed, and email reminders. $49 lifetime — limited to 500 seats.