{"tool":{"slug":"debt-payoff","name":"Debt payoff calculator","version":"2026-08-21","canonicalUrl":"https://carlo.finance/tools/debt-payoff","jsonUrl":"https://carlo.finance/tools/debt-payoff.json","pageUrl":"https://carlo.finance/tools/debt-payoff","parameters":[{"key":"extra","label":"Extra beyond the minimums","unit":"usd-per-month","min":0,"max":1000000,"default":200,"sourceId":null,"help":"What you can put toward debt each month on top of the required minimums. The default is an example, not a statistic."}]},"inputs":{"extra":200,"debts":[{"name":"Credit card","balance":9000,"annualRatePct":22.15,"minimum":200},{"name":"Personal loan","balance":6000,"annualRatePct":11.86,"minimum":150},{"name":"Car loan","balance":3500,"annualRatePct":7.14,"minimum":120}]},"result":{"start":"2026-08-21","debtCount":3,"totalBalance":18500,"minimums":470,"budget":670,"firstMonthInterest":246.25,"avalanche":{"method":"avalanche","months":35,"debtFreeDate":"Jul 2029","totalInterest":4516.35,"totalPaid":23016.35,"budgetShortOfMinimums":false,"order":[{"name":"Credit card","month":30,"date":"Feb 2029","interestPaid":2737.87},{"name":"Car loan","month":33,"date":"May 2029","interestPaid":355.62},{"name":"Personal loan","month":35,"date":"Jul 2029","interestPaid":1422.87}]},"snowball":{"method":"snowball","months":37,"debtFreeDate":"Sep 2029","totalInterest":5744.58,"totalPaid":24244.58,"budgetShortOfMinimums":false,"order":[{"name":"Car loan","month":12,"date":"Aug 2027","interestPaid":130.05},{"name":"Personal loan","month":23,"date":"Jul 2028","interestPaid":917.42},{"name":"Credit card","month":37,"date":"Sep 2029","interestPaid":4697.11}]},"deltaMonths":-2,"deltaInterest":-1228.23,"debts":[{"name":"Credit card","balance":9000,"annualRatePct":22.15,"minimum":200,"firstMonthInterest":166.13},{"name":"Personal loan","balance":6000,"annualRatePct":11.86,"minimum":150,"firstMonthInterest":59.3},{"name":"Car loan","balance":3500,"annualRatePct":7.14,"minimum":120,"firstMonthInterest":20.83}]},"drivers":[{"key":"extra","label":"Extra beyond the minimums","step":100,"monthsDelta":-6,"interestDelta":-906.94,"sentence":"An extra $100 a month makes you debt-free 6 months sooner and saves $907 of interest on the avalanche plan."},{"key":"balance","label":"Credit card balance","step":-1000,"monthsDelta":-3,"interestDelta":-758.6,"sentence":"Paying $1,000 off the Credit card today, your highest rate at 22.15%, saves $759 of interest and 3 months."},{"key":"apr","label":"Credit card rate","step":-5,"monthsDelta":-1,"interestDelta":-845.41,"sentence":"Moving the Credit card to a rate 5 points lower, say a balance transfer at 17.15%, saves $845 of interest at the same budget."}],"sensitivity":{"byExtra":[{"extra":0,"avalanche":{"months":60,"debtFreeDate":"Aug 2031","totalInterest":9286.23},"snowball":{"months":60,"debtFreeDate":"Aug 2031","totalInterest":9427.92}},{"extra":100,"avalanche":{"months":44,"debtFreeDate":"Apr 2030","totalInterest":6086.2},"snowball":{"months":46,"debtFreeDate":"Jun 2030","totalInterest":7156.31}},{"extra":200,"avalanche":{"months":35,"debtFreeDate":"Jul 2029","totalInterest":4516.35},"snowball":{"months":37,"debtFreeDate":"Sep 2029","totalInterest":5744.58}},{"extra":500,"avalanche":{"months":22,"debtFreeDate":"Jun 2028","totalInterest":2614.28},"snowball":{"months":23,"debtFreeDate":"Jul 2028","totalInterest":3618.59}},{"extra":1000,"avalanche":{"months":14,"debtFreeDate":"Oct 2027","totalInterest":1592.92},"snowball":{"months":15,"debtFreeDate":"Nov 2027","totalInterest":2264.13}}]},"assumptions":[{"key":"extra","label":"Extra beyond the minimums","value":200,"unit":"usd-per-month","provided":false,"source":null},{"key":"debts","label":"Debt list (total balance)","value":18500,"unit":"usd","provided":false,"source":{"id":"g19","name":"Federal Reserve, G.19 Consumer Credit (June 2026 data)","url":"https://www.federalreserve.gov/releases/g19/current/default.htm","asOf":"2026-08-07","note":"Commercial bank interest rates, May 2026: 24-month personal loans 11.86%; 60-month new car loans 7.14%; credit card accounts assessed interest 22.15%."}}],"sources":[{"id":"g19","name":"Federal Reserve, G.19 Consumer Credit (June 2026 data)","url":"https://www.federalreserve.gov/releases/g19/current/default.htm","asOf":"2026-08-07","note":"Commercial bank interest rates, May 2026: 24-month personal loans 11.86%; 60-month new car loans 7.14%; credit card accounts assessed interest 22.15%."},{"id":"cfpb-min","name":"CFPB, Consumer Credit Card Market Report 2025","url":"https://files.consumerfinance.gov/f/documents/cfpb_consumer-credit-card-market-report_2025.pdf","asOf":"2025-12-01","note":"Section 4.1.1: the most common minimum payment formula is 1 percent of the balance plus finance charges and fees; the most common fixed floor was $40."}],"warnings":[],"disclaimer":"This models fixed rates and level minimum payments from a list you provide, with one monthly budget rolled across the debts. Real card minimums fall as balances fall, promotional rates expire, and new charges change the picture. It is not credit counseling, a payoff plan, or financial advice."}