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Debt Freedom Date Forecaster

Forecast your debt freedom date across several debts and see how the avalanche and snowball payment strategies compare.

What this tool does

Forecast your debt freedom date across several debts and see how the avalanche and snowball payment strategies compare. You fill in these fields: Start paying from, Your debts, Extra payment per month, and Which debt gets the extra money first. Some fields are optional. It shows your debt freedom date, total interest, total paid, interest saved, and the other method, plus a table (payoff order) and a line chart (total balance by month).

Inputs

  • Start paying from: A date. Starts as today's date. The first payment is one month after this date.
  • Your debts: A list of rows. Each row has: Name [text, optional]; Balance (USD) [must be at least 0]; Interest rate (APR) (%) [accepts 0 to 100]; Minimum payment per month (USD) [must be at least 0]. Add between 1 and 20 rows.
  • Extra payment per month (USD): A number. Must be at least 0. Optional. Paid on top of all the minimums. Leave empty for none.
  • Which debt gets the extra money first: Switch between: Highest rate (avalanche), Smallest balance (snowball).

How to use

  1. Pick a date for "Start paying from".
  2. Use "Add debt" to add a row for each item, then fill in name, balance, interest rate (APR), and minimum payment per month.
  3. Enter the extra payment per month in USD. This one is optional.
  4. Choose Highest rate (avalanche) or Smallest balance (snowball) for "Which debt gets the extra money first".
  5. Read the result: your debt freedom date, total interest, total paid, interest saved, and the other method, plus a table (payoff order) and a line chart (total balance by month). It appears once every required field has a valid value.

Worked examples

Example 1. Inputs:

  • Start paying from: October 8, 2026
  • Your debts: (1) Name "Card", Balance 1,000 USD, Interest rate (APR) 12%, Minimum payment per month 100 USD
  • Which debt gets the extra money first: Highest rate (avalanche)

Results:

  • Your debt freedom date: September 8, 2027 (11 months (0 years and 11 months) from the start date)
  • Total interest: $58.98
  • Total paid: $1,058.98
  • Interest saved: $0.00 versus paying only the minimums
  • Payoff order, row 1 of 1: Order 1; Debt Card; Month 11; Paid off by September 8, 2027
  • The other method: With the snowball method you would be debt free in 11 months and pay $58.98 in interest.

How this is worked out: Monthly rate 12 / 12 = 1%. Balance after 10 months = 1000 * 1.01^10 - 100 * (1.01^10 - 1) / 0.01 = 1104.6221 - 1046.2213 = 58.4009, so a 10-payment schedule is not enough and an 11th payment of 58.4009 * 1.01 = 58.9849 clears it. Total paid = 10 * 100 + 58.9849 = 1058.9849, interest = 58.9849. With no extra the baseline is the same debt, so nothing is saved. 2026-10-08 plus 11 months is 2027-09-08.

Example 2. Inputs:

  • Start paying from: October 8, 2026
  • Your debts: (1) Name "A", Balance 100 USD, Interest rate (APR) 0%, Minimum payment per month 50 USD; (2) Name "B", Balance 300 USD, Interest rate (APR) 0%, Minimum payment per month 50 USD
  • Which debt gets the extra money first: Smallest balance (snowball)

Results:

  • Your debt freedom date: February 8, 2027 (4 months (0 years and 4 months) from the start date)
  • Total interest: $0.00
  • Total paid: $400.00
  • Interest saved: $0.00 versus paying only the minimums
  • Payoff order, row 1 of 2: Order 1; Debt A; Month 2; Paid off by December 8, 2026
  • Payoff order, row 2 of 2: Order 2; Debt B; Month 4; Paid off by February 8, 2027
  • The other method: With the avalanche method you would be debt free in 4 months and pay $0.00 in interest.

How this is worked out: No interest. The budget is 50 + 50 = 100 a month. Month 1: A 50, B 250. Month 2: A paid off, B 200. A's 50 now rolls onto B, so months 3 and 4 take 100 each: B 100, then 0. Four months, 400 paid. With no rolling over B alone needs 300 / 50 = 6 months.

Example 3. Inputs:

  • Start paying from: October 8, 2026
  • Your debts: (1) Name "A", Balance 100 USD, Interest rate (APR) 12%, Minimum payment per month 10 USD; (2) Name "B", Balance 200 USD, Interest rate (APR) 24%, Minimum payment per month 10 USD
  • Extra payment per month: 200 USD
  • Which debt gets the extra money first: Highest rate (avalanche)

Results:

  • Your debt freedom date: December 8, 2026 (2 months (0 years and 2 months) from the start date)
  • Total interest: $5.85
  • Total paid: $305.85
  • Interest saved: $58.02 versus paying only the minimums
  • Payoff order, row 1 of 2: Order 1; Debt B; Month 1; Paid off by November 8, 2026
  • Payoff order, row 2 of 2: Order 2; Debt A; Month 2; Paid off by December 8, 2026
  • The other method: With the snowball method you would be debt free in 2 months and pay $6.70 in interest.

How this is worked out: Budget 10 + 10 + 200 = 220. Month 1 interest: A 1% of 100 = 1, B 2% of 200 = 4. Balances 101 and 204; minimums leave 91 and 194. Avalanche sends the extra to B (24%): 194 clears it and the remaining 6 goes to A, leaving 85. Month 2: interest 0.85, paid in full. Interest 1 + 4 + 0.85 = 5.85, paid 300 + 5.85 = 305.85. Snowball would clear A first (91), leaving B 85 after 109 goes to it; month 2 interest 2% of 85 = 1.7, total interest 1 + 4 + 1.7 = 6.7.

Example 4. Inputs:

  • Start paying from: October 8, 2026
  • Your debts: (1) Name "Card", Balance 1,000 USD, Interest rate (APR) 24%, Minimum payment per month 10 USD
  • Extra payment per month: 1,010 USD
  • Which debt gets the extra money first: Highest rate (avalanche)

Results:

  • Your debt freedom date: November 8, 2026 (1 months (0 years and 1 months) from the start date)
  • Total interest: $20.00
  • Total paid: $1,020.00
  • Interest saved: $0.00 versus paying only the minimums
  • Payoff order, row 1 of 1: Order 1; Debt Card; Month 1; Paid off by November 8, 2026
  • The other method: With the snowball method you would be debt free in 1 months and pay $20.00 in interest.
  • Note: At least one minimum payment is smaller than its monthly interest, so paying only the minimums would never clear that debt. No saving is shown.

How this is worked out: Reviewer, by hand. Month 1 interest is 2% of 1000 = 20, so 1020 is owed and the budget of 10 + 1010 = 1020 clears it. The minimum alone (10) is less than the 20 of monthly interest, so paying only the minimum never clears the debt and no saving is shown.

Limitations

  • Assumes fixed rates, no new borrowing, no fees and the same payment every month.
  • Interest is the annual rate divided by 12 on the balance each month. Daily compounding is not modelled.
  • Counts up to 100 years of payments, then reports that the debts cannot be paid off.
  • The date shown is the start date plus the number of months, not a lender statement date.

FAQs

Q: What is the difference between avalanche and snowball?
A: Both pay every minimum and put all the extra money on one debt. Avalanche picks the highest interest rate first, which usually costs the least interest. Snowball picks the smallest balance first, which usually clears the first debt sooner.
Q: What happens when a debt is paid off?
A: Its minimum payment stays in the monthly budget and goes to the next target debt, so the total paid each month never drops.
Q: How is interest charged?
A: Each month every debt gains one twelfth of its annual rate on the current balance, then the payments are made. Real lenders can differ by how they compound or when they post payments.
Q: What does Interest saved compare against?
A: Paying only the minimum on each debt, with no extra and no rolling over, until each one is gone.
Q: Why does the tool say the debts are never paid off?
A: If a minimum payment is no more than a month of interest, the balance does not fall. Raise that minimum or the extra payment.

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