Debt Payoff Calculator
Compare the snowball and avalanche debt payoff strategies. Find out how long it will take to become debt-free and how much interest you can save.
Your Debts
Extra Payment
Amount above minimum payments to pay off debt faster
Payoff Strategy
Debt-Free In
2.5 years
30 months
Payoff Order
Snowball vs Avalanche Method
The two most popular debt payoff strategies are the snowball method and the avalanche method. Each has its advantages:
Avalanche Method
Pay off debts with the highest interest rate first. This method saves you the most money on interest over time, making it the mathematically optimal choice. However, it may take longer to pay off your first debt.
Snowball Method
Pay off debts with the smallest balance first. This method provides psychological wins by eliminating debts quickly, which can help maintain motivation. However, you may pay more in total interest.
How It Works
With both methods, you make minimum payments on all debts, then put any extra money toward the target debt (either highest rate or smallest balance). When that debt is paid off, you "roll" that payment amount to the next debt, creating a snowball effect.
Important Disclaimer
This calculator provides estimates for educational and informational purposes only. Results should not be considered as financial or debt management advice. Actual payoff times and interest savings will vary based on payment consistency, interest rate changes, and additional fees.
If you're struggling with debt, consider consulting with a non-profit credit counseling agency or a licensed insolvency trustee.