Debt Payoff Calculator Add your debts Instructions, Privacy Notice and Disclaimer Debt Name Total Owed Interest Rate Minimum Payment X Extra Monthly Payment (optional) Payoff Method Snowball Avalanche Add Debt Go! Instructions, Privacy Notice and Disclaimer Instructions Disclaimer Privacy Notice Add Your Debts: Fill in the table with your debt information: Enter the name of the debt in the "Debt Name" column. Enter the total amount owed in the "Total Owed" column. Enter the annual interest rate (in percentage) in the "Interest Rate" column. Example, if your Annual Percentage Rate is 12.75% you would enter the number "12.75". Do not include the percent (%) symbol. Enter the minimum monthly payment in the "Minimum Payment" column. When calculating mortgage payments, please exclude your escrow payment. If you have a promotional balance, such as zero interest if paid by a specific date, ensure that it is fully paid off by the indicated deadline as shown in the amortization schedule. If the promotional balance is not paid in full by that date, we strongly advise increasing your minimum payment to ensure it is paid off before the end of the promotional period. Failure to do so may result in additional interest charges. Payoff Strategy: Select your debt payoff Strategy: Snowball (lowest balance priority) or Avalanche (Highest Interest Rate Priority) When selecting the Avalance strategy debts or ordered from highest interest rate to lowest. For debts with the same interest rate they are sorted by balance, lowest to highest. Extra Payment: Below the table, you can specify any extra amount you can pay each month in the "Extra Monthly Payment (optional)" field. This extra amount will be applied to your first debt. Even an additional $10 per month can make a big difference. Calculate Debt Snowball: Once you have entered all your debt information and the extra payment (if any), click the "Start the Snowball Rolling!" button to calculate the debt snowball. View Results: After clicking the button, the website will display the following information: Total Payments Made: The total number of payments made to pay off all debts. Total Debt: The total remaining debt amount after paying off all debts. Total Paid: The total amount paid, including principal and interest. Interest Paid: The total interest paid. Percentage Paid to Interest: The percentage of total payments that went toward interest. Years to Payoff: The estimated time in years to pay off all debts. Amortization Table: Below the summary, there is an amortization table that shows the payment details for each month. You can see the breakdown of payments, interest, and remaining balance for each debt. Adding and Removing Rows: If you need to add more debts or remove existing ones, you can use the "Add Debt" button to add new rows to the table or click the "X" button in a row to remove it. Disclaimer The interest and balance calculations provided by this debt snowball calculator are estimates based on a simplified interest calculation method. Please note that the actual interest and balance figures may vary depending on the specific interest calculation method used by your creditors. Credit card companies can use a fixed or a variable interest rate. Regardless of whether your credit card has a fixed or variable rate, credit card companies are generally required to provide you with notice before increasing your interest rate. The notice period can vary by jurisdiction, but it is typically 45 days in the United States, as mandated by the Credit Card Accountability Responsibility and Disclosure Act (CARD Act). Reasons for Rate Increases: Credit card companies can increase your interest rate for various reasons, including: The end of a promotional or introductory rate period. Missing payments or making late payments. Changes in your creditworthiness, such as a lower credit score. Economic conditions affecting benchmark interest rates for variable-rate cards. Defaulting on your credit card agreement. This calculator uses a simplified approach for ease of use and quick estimation. It does not account for the nuances of different interest calculation methods that may be employed by your lenders. Therefore, the results provided should be considered as approximate figures for planning purposes only. We recommend consulting your creditors or financial institutions to obtain precise interest and balance information for your debts if necessary. It's essential to have accurate details when making financial decisions or planning your debt repayment strategy. By using this calculator, you acknowledge and accept that the results are for estimation purposes only and may not reflect the exact figures provided by your creditors. Privacy Notice Your privacy is important to us. We want to assure you that: No Data Storage: This website does not save or store any of your financial data or personal information remotely. Your data remains on your device and is not saved on this or any other external servers. This tool does not collect any personally identifiable information such as email addresses, names or other contact information. Debt names are strictly for use as labels in the results. Data Collection by Browsers and Third Parties: While we do not collect analytics data or personal information within this tool, please be aware that your web browser and third-party libraries or services integrated into this website may have their own data collection practices. We recommend reviewing their privacy policies for more information. Privacy Priority: Safeguarding your privacy is a top priority for us. We do not track or monitor your online activity beyond what is necessary for the functionality of this website. We respect your privacy and are committed to providing you with a secure and private experience while using this website. If you have any concerns or questions about your privacy while using this service, please feel free to contact us.