Debt Payoff Calculator

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What is a debt pay off?

The payments made towards the debt to close the debt are known as debt payoff. They are different methods of paying off the debts.

Debt snowball:

The debt snowball technique focuses on small wins and builds strength over a period of time. In this method, the user starts paying off credit card debt in small amounts and paying the minimum on the rest. The pros and cons of debt snowball are:


  • Starting with small payments can provide fast win and get success in paying off the debts.
  • It’s a proven and true method to pay off debt.
  • As user eliminates smaller balance then the user can free up extra funds to point out on the next balance.


  • It may take longer to pay off the debt.
  • The user may pay more in the form of interest in over the time period.

Debt avalanche:

The debt avalanche technique is not similar to the debt snowball. It mainly focuses on the highest interest rate than the smallest balance. In this method, payments start with higher interest rates and paying the minimum balance on the rest of the debt. The pros and cons of debt avalanche are:


  • User can save a lot of money on the interest.
  • User will pay off the debt faster.


  • It is hard to sustain motivation.
  • It feels like the pay off the high-interest debt takes forever.

Debt consolidation:

The debt consolidation technique is a process of simplifying the bill payments by combining multiple higher-interest debts, credit card, generally unsecured loan and other bills into single monthly payment. It may lower the interest rates that can help the people to save money on interest, lower monthly payments and pay off debts faster. It consolidates all their credit card payments into a single new credit card.

Pros and cons of debt consolidation:


  • Considering all payments into one.
  • Lower interest rate.
  • Lower monthly payments.


  • The more debt has to be paid if the borrower is not careful.
  • The user may spend more in the long run.
  • The user can lose a lot of funds.
  • It could ruin credit.
  • It doesn’t solve the problem, only the symptoms.

There other alternative methods of debt payments like mounting debt, debt management, debt settlement, and bankruptcy.

The components included in the debt pay off calculator:

  • Debt name, remaining balance, monthly or minimum payment and interest rate.
  • Extra payments.
  • Fixed total amount towards monthly payment.

The debts pay off calculator will help to calculate the debt pay off amount with fixed monthly payments. The debt is paid off with fixed monthly payments then the money can be distributed for paying off other debts.