FREE DEBT PAYOFF CALCULATOR · AUSTRALIA
See the path from every balance to zero.
Compare debt snowball and avalanche methods using your balances, interest rates and minimum payments. Then see how an extra monthly repayment changes the time and estimated interest.
- Up to eight debts
- No sign-in
- Figures stay in your browser
DEBT PAYOFF MODEL
Make every repayment lead somewhere.
Add the figures from your latest statements. The two common payoff methods update side by side.
Projected debt-free in2 years 6 months
A$800 per month · highest rate first
A$20,700 starting debtA$200 monthly extra
Balance heading to zeroScrub the chart to inspect a month
Month 30A$0
A$0 with extra paymentsA$6,821 on the minimum-only path
PAYOFF ORDERHighest interest first
- Buy now, pay laterCleared in month 12A$0 interest
- Credit cardCleared in month 17A$904 interest
- Car loanCleared in month 30A$1,889 interest
HOW TO USE IT
Build the plan from statements, not memory.
Use the current balance, annual rate and minimum monthly repayment shown by each lender. Include the extra amount only after checking that it fits beside housing, essential bills, food, transport and a realistic buffer.
- 01List each ordinary debt
Add credit cards, personal loans, car loans, store cards and buy now, pay later balances that belong in this payoff comparison.
- 02Enter the current minimums
The calculator pays every entered minimum before directing any extra money to a target debt.
- 03Test an affordable extra
Try a smaller and larger amount. The useful figure is one the monthly budget can keep supporting.
- 04Compare both routes
Look at total interest, payoff time and the order in which balances are projected to clear.
THE CALCULATION
How the debt payoff projection works.
Each month, the model adds one-twelfth of the annual interest rate to every remaining balance. It pays the entered minimum on each debt, then applies the extra-payment pool to the current target.
MONTHLY PAYMENT POOLevery minimum + your extra repayment
When a balance clears, its old minimum stays inside the pool. That is the roll-on effect behind both snowball and avalanche methods.
The model assumes rates and payments remain constant. Actual lenders may calculate interest daily, change rates, charge fees or restrict extra repayments, so statement and lender figures can differ.
SNOWBALL VS AVALANCHE
The cheapest-looking route and the easiest-feeling route may differ.
Highest rate first
Extra money goes to the highest interest rate while every other minimum continues. Under the calculator's assumptions, this generally aims to reduce interest.
Smallest balance first
Extra money goes to the smallest balance. The first account may clear sooner, making the plan's progress easier to see.
MoneySmart describes both approaches and notes that the important part is choosing a method you can maintain. The result table lets you compare the trade-off instead of assuming one label is automatically right for your situation.
PRIORITY COMES BEFORE STRATEGY
Do not let an interest-rate sort hide a more urgent consequence.
The National Debt Helpline explains that housing, essential utilities, some council charges and an essential car can require priority because the consequences of missing them may be more serious. Legal action, court judgments and hardship arrangements also sit outside a simple calculator.
EXTRA REPAYMENTS
Keep the extra amount fixed to see its real effect.
MoneySmart's credit-card guidance notes that keeping a higher repayment steady as a balance falls can repay debt faster than simply following a shrinking minimum. This planner holds the total monthly payment pool steady and shows the minimum-only path as a dotted comparison.
Before making extra payments, check whether the loan permits them without fees or limits. Keep enough room in the budget for irregular essentials so that the plan does not create new borrowing elsewhere.
COMMON QUESTIONS
Debt payoff calculator questions, answered plainly.
What is the debt avalanche method?
The avalanche method keeps every minimum payment current, then directs extra money to the debt with the highest annual interest rate. When that balance clears, its old payment rolls onto the next-highest rate.
What is the debt snowball method?
The snowball method pays every minimum, then targets the smallest balance first. Clearing an account earlier can make progress feel more visible, although the method may cost more interest than avalanche.
Why does the calculator say a debt may not clear?
A balance can grow when the total payment is too small to cover its interest. The model stops after 60 years rather than displaying a false payoff date. Check the statement figures and contact the lender or a financial counsellor if repayments are not manageable.
Should I include a mortgage?
You can model a fixed balance, rate and repayment, but home loans often involve offsets, redraw, changing rates, fees and extra-repayment rules. A lender-specific home-loan calculator may better reflect those features.
Should I include HECS or HELP debt?
Usually not in this calculator. HELP compulsory repayments depend on repayment income and current Australian rules, while indexation works differently from monthly loan interest.
Does the planner include fees or new purchases?
No. It assumes no new borrowing and no fees, missed repayments, penalty interest or rate changes. Check lender statements and loan terms for the actual figures and any restrictions on extra repayments.
Useful Australian debt sources
Use current statements for your figures and these independent sources for broader guidance.
FROM MODEL TO MONTHLY PLAN