How the Payoff Path calculator works
The calculator creates an educational month-by-month estimate from the balances, APRs, minimum payments, extra monthly payment, and strategy entered.
What it shows
- An estimated payoff month and year.
- Estimated time remaining in years and months.
- Estimated interest under the selected plan.
- Estimated interest difference versus minimum-only payments, when the minimum-only plan pays off within the model.
- An estimated payoff order and completion month for each debt.
Monthly calculation
For each month, the model estimates interest as the outstanding balance multiplied by APR divided by 12. It then applies each debt’s minimum payment. The remaining fixed monthly budget—including the extra payment and payments freed by earlier payoffs—is directed to the selected target debt.
Avalanche and snowball
Avalanche targets the highest APR first, with balance used to break ties. Within a fixed-rate model, this generally reduces interest. Snowball targets the smallest current balance first, with APR used to break ties, which may provide earlier visible milestones.
Privacy
Calculations run in the browser. Entries are saved in that browser’s local storage and are not submitted to Payoff Path. Use “Clear my saved data” on a shared device.
Important assumptions
- APR and scheduled monthly payments remain fixed.
- All debts use the same selected currency; currency labels do not convert amounts.
- No new purchases, advances, fees, missed payments, or promotional-rate changes occur.
- Interest is estimated monthly; lenders may use daily or other methods.
- Payment allocation, rounding, and minimum-payment rules may differ by lender.
Mortgages and changing rates
This calculator is not designed to forecast mortgage renewals, variable-rate changes, qualification, prepayment penalties, or a mortgage’s contractual amortization. For a mortgage nearing renewal, use the projected renewal balance, remaining amortization, offered rate, payment frequency, and applicable fees in an appropriate mortgage calculator. See the Canadian mortgage-renewal guide.
Reviewed: July 2026 · Educational estimates only.