Debt Payoff Calculator
Calculate the fastest way to pay off your debt using the avalanche or snowball method. Compare strategies, see your payoff timeline, and discover how much interest you can save with extra payments.
Your Debts
Debt-Free In
56 total months
Strategy Comparison
| Strategy | Months | Total Interest | Time Saved | Interest Saved |
|---|---|---|---|---|
| Avalanche Highest rate first | 56 | $7,940 | 60 mo | $5,745 |
| Snowball Lowest balance first | 63 | $8,380 | 53 mo | $5,305 |
| Minimum Only No extra payments | 116 | $13,685 | - | - |
Payoff Order (Avalanche)
Debt Payoff Progress
Debt Payoff Strategies
Avalanche Method
Pay minimums on all debts, then put extra money toward the highest interest rate debt. Mathematically optimal—saves the most money and pays off debt fastest.
Snowball Method
Pay minimums on all debts, then put extra toward the smallest balance. Quick wins provide psychological motivation. Slightly more expensive but easier to stick with.
The Power of Extra Payments
Even $50-100 extra per month can save thousands in interest and years of payments. As each debt is paid off, roll that payment into the next debt (debt snowball effect).
Frequently Asked Questions
What is the debt avalanche method?
The debt avalanche method prioritizes paying off debts with the highest interest rates first while making minimum payments on all other debts. This approach minimizes total interest paid and is mathematically the fastest way to become debt-free.
What is the debt snowball method?
The debt snowball method prioritizes paying off the smallest balance first, regardless of interest rate. While you may pay slightly more in interest, the quick wins provide psychological motivation that helps many people stay committed to their debt payoff plan.
Which debt payoff method is better?
| Factor | Avalanche | Snowball |
|---|---|---|
| Total interest paid | Less ✓ | More |
| Time to debt-free | Faster ✓ | Slightly slower |
| Psychological wins | Slower | Faster ✓ |
| Success rate | Good | Higher ✓ |
Bottom line: The best method is the one you'll stick with.
How do extra payments help?
Extra payments go directly to principal, reducing the balance that accrues interest. Even $50-100 extra per month can save thousands in interest and years of payments. As each debt is paid off, roll that payment into the next debt for accelerating payoff (the "snowball effect").