Debt Payoff Calculator
Compare the debt snowball and avalanche methods across all your debts to see which clears them faster and saves the most interest.
The debt avalanche pays minimums on every debt and directs all spare money at the highest interest rate first, which mathematically minimises total interest. The debt snowball targets the smallest balance first for faster psychological wins. Both roll each cleared payment onto the next debt; avalanche costs less, snowball is often easier to sustain.
Avalanche
Least interestHighest interest rate first
Snowball
Smallest balance first
The avalanche method saves you $492 in interest and clears your debt 1 mo sooner.
Two proven ways out of debt
List your debts with their balances, interest rates, and minimum payments, then add whatever extra you can pay each month. The calculator runs both the avalanche (highest rate first) and snowball (smallest balance first) strategies and shows how long each takes and how much interest it costs.
Once your debts are under control, put that freed-up cash to work with the savings goal and compound interest calculators, and track the impact on your net worth.
Frequently asked questions
What is the debt avalanche method?
With the avalanche method you pay minimums on everything and put every extra dollar toward the debt with the highest interest rate. It mathematically minimises the total interest you pay.
What is the debt snowball method?
The snowball method targets the smallest balance first for quick wins and motivation, then rolls each freed-up payment onto the next debt. It can cost slightly more interest but keeps many people going.
Which method is better?
Avalanche saves the most money; snowball can be easier to stick with. This tool shows both side by side so you can weigh the interest saved against the motivational payoff.
How does extra payment help?
Minimum payments barely dent high-interest debt. Every extra dollar goes straight to principal, cutting both the time to payoff and the total interest — often dramatically.
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