How to pay off debt faster
Every month, pay the minimum on every debt. Then put every extra dollar toward one debt at a time. When that one is gone, roll its whole payment into the next. That rolling payment is what makes both methods below work.
The debt snowball
The snowball pays off your smallest balance first, no matter the interest rate. You knock out whole debts quickly, which keeps many people motivated enough to finish.
The debt avalanche
The avalanche pays off the debt with the highest interest rate first. It costs the least in total interest, especially if you have a high-rate credit card. This calculator shows both methods side by side so you can see what motivation costs in dollars.
When minimum payments aren't enough
If a minimum payment doesn't cover the interest, that balance grows even when you pay on time. The calculator flags this so you can pay extra on that debt first. Calling the card company to ask for a lower rate, or moving the balance to a 0% card, can help too.
Don't skip the emergency fund
Without savings, the next car repair goes right back on a card. That's why the plan builds a $1,000 starter emergency fund before paying extra on debt.
Questions
Is Leftover Planner really free?
Yes, completely. There's no sign-up, subscription or paywall. The site is supported by ads and optional partner offers, so you never pay anything.
Is my information saved or shared?
No. Every number you enter stays in your own browser and is never sent to us or anyone else. "Start fresh" wipes it. If you use "Copy link to plan," your numbers are stored inside the link itself, so anyone you send it to can see them. See our privacy policy for details on ads and cookies.
How accurate is the debt-free date?
It's calculated month by month using each debt's interest rate (APR ÷ 12 each month), so it's a close estimate if you stick to the plan. Many lenders charge interest daily, so real totals can differ by a few dollars. New charges, rate changes and changes to your income will also move it.
What if I'm paid weekly, twice a week or by the hour?
Pick your schedule in step 1 and Leftover Planner converts it to a monthly average using 52 weeks a year. For example, $500 every week is $500 × 52 ÷ 12 = $2,167 a month. You can add more than one income, and bills can be weekly, monthly or yearly too.
Why does it assume 7% for investing?
Broad stock market funds have averaged roughly 7% a year after inflation over long periods, though some years are far worse and some far better. Because it's after inflation, the investment growth you see is in today's dollars, so $100,000 in 10 years means what $100,000 buys now. You can change it in step 4.
Why does the 401(k) match come before paying off debt?
An employer match is money you only get if you contribute. If your job adds 50¢ for every $1 you put in, that's an instant 50% return, which beats the interest on almost any credit card. So once your starter emergency fund is in place, Leftover Planner funds the full match before paying extra on debt. If you already get the full match through payroll, leave the setting off, since it's already taken out of your take-home pay.
Is this financial advice?
No. Leftover Planner is an educational tool that does the math for you. For big decisions, talk to a licensed financial professional.