Estimated payoff date
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Example calculation
Payoff strategy
Calculating payoff plan...
Total interest paid
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Total amount paid
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Principal plus interest
Monthly commitment
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Strategy comparison
How your payoff timeline and total interest change under each strategy with your current extra payment.
| Strategy | Time to Payoff | Estimated Payoff Date | Total Interest | Interest Saved |
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Debt elimination sequence
Order in which debts are completely cleared under the selected strategy.
| Order | Debt Name | Payoff Month | Total Interest | Total Paid |
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How this estimates
This calculator models monthly compounding amortization across multiple accounts. Each month, required minimum payments are satisfied first. If an extra monthly payment is provided or when a debt is fully cleared, the freed-up cash flow is rolled into the next prioritized debt based on your selected strategy.
The avalanche method mathematically minimizes your interest cost by targeting debts with the highest annual percentage rate (APR) first. The snowball method builds momentum by clearing your smallest balance first, reducing the total count of monthly bills sooner.
Disclaimer: A planning estimate based on your inputs and the assumptions shown. Actual costs and eligibility may differ. Not an offer of credit, pre-approval, or financial advice. Lenders may calculate daily interest or assess fees differently.