Debt Payoff Calculator
A debt payoff calculator creates a plan to eliminate your debts by calculating payment schedules, interest savings, and comparing payoff strategies like debt snowball and debt avalanche.
Debt Snowball vs Debt Avalanche
| Strategy | Order | Pros | Cons |
|---|---|---|---|
| Snowball | Smallest balance first | Quick wins, motivation | Pays more interest |
| Avalanche | Highest rate first | Least total interest | Slower psychological wins |
Example: $25,000 Total Debt with $1,000/month Extra
| Debt | Balance | Rate | Min Payment |
|---|---|---|---|
| Credit Card A | $5,000 | 22% | $100 |
| Credit Card B | $8,000 | 18% | $160 |
| Personal Loan | $12,000 | 10% | $250 |
| Method | Payoff Time | Total Interest |
|---|---|---|
| Minimum Only | 11.2 years | $14,832 |
| Avalanche | 2.1 years | $3,412 |
| Snowball | 2.1 years | $3,587 |
Debt Payoff Calculator Implementation
``javascript
function debtPayoffPlan(debts, extraPayment, method = 'avalanche') {
// Sort debts by method
const sorted = [...debts].sort((a, b) => {
return method === 'avalanche'
? b.rate - a.rate // Highest rate first
: a.balance - b.balance; // Smallest balance first
});
let totalInterest = 0;
let months = 0;
const remaining = sorted.map(d => ({ ...d, balance: d.balance }));
while (remaining.some(d => d.balance > 0)) {
months++;
let extra = extraPayment;
for (const debt of remaining) {
if (debt.balance <= 0) continue;
const interest = debt.balance * (debt.rate / 100 / 12);
totalInterest += interest;
const payment = debt.minPayment + (remaining.indexOf(debt) === 0 ? extra : 0);
debt.balance = debt.balance + interest - payment;
if (debt.balance < 0) {
extra = Math.abs(debt.balance);
debt.balance = 0;
}
}
}
return { months, years: (months / 12).toFixed(1), totalInterest: totalInterest.toFixed(2) };
}
``
The best strategy is the one you'll stick with. Avalanche saves money, but snowball's quick wins keep many people motivated.