Free Loan Payoff Calculator

How This Calculator Works

Add each of your debts with its current balance, interest rate, and monthly payment. The calculator shows individual payoff timelines and a combined burndown chart. Enable the debt snowball to see how rolling freed payments into high-rate debts accelerates your payoff. Add an extra monthly payment to see exactly how much interest you'll save.

Frequently Asked Questions

What is the debt snowball?

When debt snowball is enabled, once a debt is fully paid off its monthly payment automatically rolls into the next highest-rate debt. This creates an accelerating payoff effect — each debt you eliminate frees up more money to attack the next one. Toggle it on above to see the difference on the burndown chart.

Avalanche vs snowball

This calculator uses the avalanche strategy: extra payments target the highest interest rate first, which minimizes total interest paid. The snowball method (targeting smallest balance first) provides quicker wins psychologically but costs more in interest. For most people, the avalanche method saves significantly more money.

How does an extra payment help?

Extra payments go directly toward your principal balance, reducing the amount that accrues interest each month. Even $100/month extra can save thousands in interest and cut years off your payoff timeline. Use the planner above to experiment with different extra payment amounts.

How long will it take to pay off my debt?

Payoff time depends on your balance, interest rate, and monthly payment. Add your debts above to see individual and combined payoff timelines. Enable debt snowball and add extra payments to see how much faster you can become debt-free. You can also track your overall financial picture with the Net Worth Calculator.

Is my data saved?

Your data auto-saves to your browser's local storage and persists between visits on the same device. No account is required.