Debt Payoff Calculator

What Debt Payoff Calculator helps you do

Add several debts, apply extra monthly money, and compare avalanche, snowball and custom-order payoff plans. Each strategy is simulated month by month, so the page shows how order changes the debt-free date and total interest. The comparison table ranks all three against the cheapest result.

Debt figures stay in your browser. Haivix does not store or transmit your balances.

How it works

These calculators apply standard finance formulas to the numbers you enter. Loans use the reducing-balance annuity formula, where the monthly rate is the annual rate divided by twelve and each payment covers that month's interest before reducing principal. Savings projections compound at the same monthly rate and treat contributions as arriving at the end of each period. Amounts are rounded to the currency's minor unit, with the final payment adjusted so the balance reaches zero. Nothing is fetched from a bank, credit bureau or rate feed, so the result is only as good as the inputs.

How to use Debt Payoff Calculator

1. Enter each debt with its name, balance, rate and minimum payment.
2. Add the extra money you can pay each month.
3. Choose a strategy, then compare it with the other two.
4. Review the recommended order and the interest difference.

When to use it

• Decide whether to target the highest-rate or smallest debt first.
• See how much faster an extra monthly payment clears debt.
• Compare the total interest of different payoff orders.
• Plan a debt-free date before a major purchase.
• Check whether a balance transfer is worth it.
• Show the effect of paying more than the minimum on one card.

When not to use it

• Do not use it when rates change or new borrowing is planned.
• Do not treat the minimum payment as fixed if the card issuer recalculates it.
• Do not rely on it for promotional-rate expiry without modelling the higher rate yourself.

Example

Avalanche targets the highest interest rate first and usually saves the most interest, while snowball clears the smallest balance first for quicker wins. The extra monthly amount rolls onto the next debt as each one clears. If two debts have the same rate, the tie is broken by balance ascending for avalanche.

What you can do with Debt Payoff Calculator

• Add multiple debts with balance, APR and minimum.
• Apply an extra monthly amount to the current target.
• Compare avalanche, snowball and custom order.
• Show the debt-free date and total months.
• Show total interest and total paid per strategy.
• Display the recommended payoff order.

Example: compare total cost, not just the monthly figure

Check whether the quoted rate is flat or reducing. The same headline percentage can cost very differently depending on how interest is charged.

Confirm the term unit. A duration entered in months instead of years changes the payment by an order of magnitude.

Look at total interest as well as the monthly payment. A longer term lowers the payment and raises the total cost.

Model one extra payment rather than assuming it. The amortization table shows how much of the saving comes from principal versus a shorter term.

Treat the output as an estimate. Fees, insurance, taxes, variable rates and lender rounding can all move the real figure.

Do not treat a calculator as financial advice. For a binding quote, use the lender's own disclosure.

Check the currency and its minor units. The math is currency-agnostic, but formatting, rounding and the number of decimal places change the displayed result.

Write down the rate, term and assumptions you used. A later comparison is only meaningful if both runs share the same basis.

What to know before you start

• Results assume fixed rates and no new borrowing, so real statements may differ.
• It does not model promotional rates that change after an introductory period.
• The simulation uses monthly periods and a constant extra payment.
• It does not include fees, late charges or minimum-payment formulas.

Common mistakes

• Leaving out the minimum payment on a debt.
• Comparing strategies without the same extra monthly amount.
• Forgetting that a custom order is just the list order.
• Assuming the cheapest plan is the one with the lowest monthly outlay.

Troubleshooting

If a debt never clears, its minimum may be too low to cover interest.

If the comparison is missing, check that at least one balance is above zero.

If the recommended order looks odd, confirm each APR is entered as an annual percentage.

If the totals differ from statements, fees and daily interest are not modelled.

Related standards and documentation

• ISO 4217 defines currency codes and minor units.
• US Truth in Lending (Regulation Z) governs APR disclosure for consumer credit.
• The EU Consumer Credit Directive (2008/48/EC) defines the annual percentage rate of charge.
• The standard annuity formula relates principal, periodic rate, payment and number of periods.
• ISO 8601 defines the date and duration formats used by the schedule.