Debt Payoff Calculator
Compare the Snowball (smallest balance first) and Avalanche (highest rate first) methods side-by-side. Enter your debts and an optional extra monthly amount to accelerate payoff. Minimums are paid on all accounts; the extra rolls toward the current target and snowballs as debts clear.
Debts
| Debt Name | Balance ($) | Min. Payment ($/mo) | APR (%) | |
|---|---|---|---|---|
Payoff Settings
Snowball (Smallest Balance First)
Months to Payoff: —
Total Interest: —
Total Paid: —
Avalanche (Highest Rate First)
Months to Payoff: —
Total Interest: —
Total Paid: —
Debt Payoff Strategies
Snowball focuses on momentum. You pay minimums on everything, then put all extra cash toward the smallest balance. As each debt disappears, its old minimum “snowballs” onto the next one. Many people like this for the quick wins and motivation.
Avalanche focuses on math. Minimums go to all debts, and the extra goes to the highest APR first. This approach usually finishes with less total interest when compared to the same extra payment schedule.
How to Use This Calculator
- Enter each balance, monthly minimum, and APR.
- Optionally add an Extra Monthly Amount to accelerate payoff.
- Click Calculate to see Snowball and Avalanche side-by-side, including months to debt-free, total interest, and payoff order.
Smart Tips
- Pick the method you’ll stick with—consistency beats perfection.
- When a debt is cleared, keep your total payment the same to speed up the next payoff.
- If cash is tight, try small automatic increases (e.g., $25 more each month) until you hit your target budget.