Collection
Debt payoff plan calculators, in the order to use them
These debt payoff plan calculators walk you from "how much do I owe?" to a plan with a finish date. Start by listing every balance and seeing what minimum payments alone would cost, then set a monthly budget for debt, compare the avalanche and snowball methods, and only then check whether a balance transfer or consolidation loan would beat the plan you already have.
The calculators, in order
- 1 Credit & Debt
How Much Do You Owe Calculator
How do I calculate how much debt I have in total?
- 2 Credit & Debt
Minimum Payment Calculator
How long does it take to pay off a credit card paying only the minimum?
- 3 Personal Finance
Budget Planner Calculator
How do you work out a monthly budget?
- 4 Credit & Debt
Debt Avalanche Roll-Down Calculator
How does the debt avalanche method work?
- 5 Credit & Debt
Debt Snowball Calculator
How does the debt snowball method work?
- 6 Credit & Debt
Balance Transfer Calculator
Is a balance transfer worth the fee?
- 7 Credit & Debt
Debt Consolidation Calculator
Will a debt consolidation loan save me money?
Who is this collection for?
It is for anyone carrying more than one balance, such as a couple of credit cards, a personal loan or a line of credit, who wants a realistic plan rather than a guess. You do not need exact figures to start; recent statements are enough.
The order matters. Comparing consolidation offers before you know your own payoff timeline makes it hard to tell whether an offer actually helps.
Step by step
Which calculator should you use at each step?
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Take stock
Use the total debt calculator to list every balance, rate and minimum payment in one place, then the minimum payment calculator to see how long the largest card would take at the minimum alone.
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Find your monthly number
Use the budget planner to see how much you can put toward debt each month without missing essentials.
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Compare payoff orders
Run that monthly amount through the roll-down (avalanche) calculator and the debt snowball calculator to compare finish dates and total interest.
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Test a transfer or a loan
If a 0% balance transfer or a consolidation loan is on the table, compare it against your plan with the balance transfer and debt consolidation calculators, fees included.
What changes the result most?
Your highest rate
The balance with the highest APR grows fastest. Paying it first usually costs least in interest.
New spending
A plan only works if the balances stop growing. The calculators assume no new charges unless you add them.
Transfer fees and promo end dates
A balance transfer fee is charged up front, and any balance left when the promotional rate ends starts accruing interest at the regular APR.
What should you have in hand before you start?
- A recent statement for every debt
- Each APR and minimum payment
- Your take-home pay and fixed bills
- Any promotional rate end dates
- Fees on transfer or loan offers you are considering
Frequently asked questions
Should I pay off the smallest debt or the highest-rate debt first?
Paying the highest-rate debt first, the avalanche method, usually costs less in interest. Paying the smallest balance first, the snowball method, clears accounts faster, which some people find motivating. Run both with the same monthly amount to see the difference in your case.
How much should I put toward debt each month?
Enough to cover every minimum payment plus whatever extra your budget can sustain without missing essentials or new borrowing. The budget planner helps you find a realistic figure. A smaller amount you can keep up usually beats a larger one you abandon.
When does a balance transfer make sense in a payoff plan?
When the promotional rate is low enough, and long enough, that the savings outweigh the transfer fee, and when you can clear most of the balance before the promotion ends. Compare it against your current plan in the balance transfer calculator before applying.
Is a consolidation loan better than paying cards one by one?
It can be if the loan's APR, including any origination fee, is lower than your cards' rates and you avoid running the cards back up. A longer loan term can lower the payment but raise total interest. The debt consolidation calculator shows both figures.
Why does paying only the minimum take so long?
Minimum payments are often set as a small percentage of the balance, so most of each payment goes to interest early on and the payment shrinks as the balance falls. Federal rules require card statements to show how long minimum payments alone would take.
Do these calculators include new purchases on my cards?
Not unless you add them. The payoff calculators assume balances only go down. If you keep using a card, your real payoff date will be later than the estimate. To keep the estimate honest, add any regular new charges to the balance or pause using the card while you pay it down.
Can I use this plan if one of my debts is in collections?
You can include the balance to see your total picture, but debts in collection have their own rules and options. The CFPB explains your rights with debt collectors, and a nonprofit credit counselor can help you weigh choices. Check whether the debt is still within your state's time limit before making a payment.
How often should I rerun my payoff plan?
Every few months, or whenever a rate, balance or your budget changes. Updating the inputs shows whether you are on track and how much sooner you could finish with any extra money. Seeing the finish date move closer can also make it easier to stick with the plan.
Other collections
Start with the total, then pick a path
Open the total debt calculator and list every balance you carry.