The Debt Calculator turns a list of debts into a payoff plan. Enter each debt's balance, interest rate and minimum payment, pick the order you want to pay them off in, and see when you will be debt-free and how much interest you will pay.
What you'll learn
- How to add and edit a debt
- What the three strategies do
- How to read the summary, the debt details and the amortization table
The Debt Calculator page
What you see
- Export PDF in the top bar downloads a debt report. Add Debt adds a debt.
- The totals: Total Balance, Minimum Payment (per month) and the number of Debts.
- Your debts: a table with Debt Name, Balance, Interest Rate (%) and Minimum Payment. The pencil icon edits a debt and the trash icon deletes it.
- The strategy buttons: Snowball, Avalanche and Custom Order. The line under them describes the selected strategy.
- Extra Monthly Payment and the Calculate button.
Until you select Calculate, the page shows only your debts and the strategy controls. The results appear below them.
Add or edit a debt
- Select Add Debt.
- Enter the Debt Name, such as "Credit Card", the Balance, the Interest Rate (%) and the Minimum Payment.
- Select Save, or Cancel to close the dialog without saving.
To change a debt, select the pencil icon on its row. The same dialog opens as Edit Debt.
Choose a strategy
- Snowball: "Start with smallest balance." You clear the smallest debts first, which can be motivating.
- Avalanche: "Start with highest interest." This usually pays the least interest overall.
- Custom Order: "Your own priority order."
Calculate a payoff
- Choose a Strategy.
- Enter an Extra Monthly Payment on top of the minimums, if you can afford one. Leave it empty or at zero to pay only the minimums.
- Select Calculate.
- Read the Summary:
- Total Interest: the interest you would pay in total.
- Months to Debt Free, with the Debt Free Date under it.
- Total Paid: the balances plus all interest.
- Read Debt Details: each debt's Payoff Date, Total Paid, Interest and Months to Debt Free.
- Select Show Amortization Table on a debt to see its month-by-month payment, interest, principal and remaining balance. Select it again to hide the table.
- To compare strategies, pick another strategy and select Calculate again.
- Select Clear results to remove the calculated plan. Your debts are not changed.
The calculator works only from the debts you enter here. It does not change your Accounts or your scheduled payments. Calculating does not save anything.
Frequently asked questions
FAQ
Avalanche usually pays the least interest because it targets the highest rates first. Compare Total Interest for each strategy to see the difference for your debts.
Add them as debts on this page, with their balance, interest rate and minimum payment, if you want them in the payoff plan. The calculator works only from the debts you enter here.
The extra amount goes toward the debt the strategy has chosen each month, so the balances fall faster and less interest builds up.
Yes. The financial health page also looks at your debt, and the savings coach can help you find money for an extra payment.