Advanced Debt Payoff Calculator

Plan your debt elimination with multiple extra payment strategies, detailed month-wise projections, and comprehensive analysis of Snowball vs Avalanche methods.

Debt Information

Debt Snowball

Pay minimum on all debts, extra on smallest balance first

Debt Avalanche

Pay minimum on all debts, extra on highest interest rate first

💡 If bank EMI differs, check if processing fees were included in loan amount

Multiple Extra Payment Strategies You can enable multiple extra payment strategies simultaneously to accelerate debt payoff

Monthly Extra Payment

Quarterly Bonus Payment

Annual Windfall Payment

One-Time Lump Sum Payment

Results update automatically as you add debts and change values

Payoff Analysis

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Add your debts to see detailed payoff analysis and projections

Assumptions & Concepts

Debt Snowball Method
Prioritizes paying off debts with the smallest balances first while making minimum payments on others. This method provides psychological motivation through quick wins and is ideal for those who need emotional encouragement.
Debt Avalanche Method
Focuses on paying off debts with the highest interest rates first while making minimum payments on others. This method saves more money in the long term and is mathematically optimal for interest savings.
Multiple Extra Payment Strategies
You can combine multiple extra payment approaches: monthly extras from salary savings, quarterly bonuses, annual windfalls like tax refunds, and one-time lump sums. Each strategy targets the highest priority debt based on your chosen method.
Interest Calculation
Monthly interest is calculated as (Annual Percentage Rate ÷ 12) × Remaining Balance. Interest is applied before payments, and any payment above the interest amount reduces the principal balance.
Payment Allocation Priority
1. Minimum payments on all debts to avoid penalties
2. All extra payments go to the priority debt (smallest balance for Snowball, highest APR for Avalanche)
3. When a debt is paid off, its minimum payment is added to extra payments for the next priority debt
Key Assumptions
• Interest rates remain constant throughout the payoff period
• No additional debt is incurred during the payoff period
• All payments are made on time without any missed payments
• Extra payment amounts remain consistent as specified
• No fees or penalties are considered in calculations