Debt Payoff Calculator
Compare avalanche vs snowball strategies, see your payoff timeline, total interest saved, and a month-by-month payment schedule. Add all your debts and find the fastest path to debt freedom.
Your Debts
Payoff Strategy
Targets highest APR first. Saves the most money.
Debt-Free Date
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Total Interest
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Total Cost
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Months to Payoff
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Avalanche vs Snowball Comparison
Avalanche (Highest APR First)
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Snowball (Lowest Balance First)
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Individual Debt Payoff Schedule
Payoff Timeline
Monthly Payment Schedule
How Debt Payoff Strategies Work
Avalanche Method
Pay minimums on all debts, then throw every extra dollar at the debt with the highest interest rate. Once that debt is gone, roll its payment into the next highest-rate debt.
Best when:
- You want to minimize total interest paid
- You have high-APR credit card debt
- You are motivated by math and long-term savings
- Your highest-rate debt is not also the largest balance
Snowball Method
Pay minimums on all debts, then throw every extra dollar at the debt with the smallest balance. Once that debt is gone, roll its payment into the next smallest balance.
Best when:
- You need quick wins to stay motivated
- You have several small debts to eliminate
- Psychological momentum matters more than saving a few dollars
- Your interest rates are relatively similar across debts
How This Calculator Works
Enter each of your debts with the current balance, annual percentage rate (APR), and minimum monthly payment. Choose a strategy and optionally add extra monthly payments. The calculator simulates your payoff month by month:
- Each month, minimum payments are applied to every debt.
- Any extra payment goes to the target debt (highest APR for avalanche, lowest balance for snowball).
- When a debt is fully paid, its minimum payment is "rolled" into the next target debt, accelerating payoff.
- The process repeats until all debts reach zero.
Tips for Faster Debt Payoff
- Automate payments so you never miss a due date or pay late fees.
- Round up minimums -- even an extra $20/month makes a difference over time.
- Use windfalls wisely -- tax refunds, bonuses, and side income can accelerate payoff dramatically.
- Negotiate lower rates -- call your credit card company and ask for a rate reduction.
- Consider balance transfers -- a 0% intro APR card can save significant interest if you pay it off during the promo period.
- Do not take on new debt while paying off existing debts. Cut up the cards if you need to.
Which Strategy Should You Choose?
Mathematically, the avalanche method always saves you the most money in interest. However, research by Kellogg School of Management found that people using the snowball method are more likely to stick with their plan because eliminating individual debts provides a psychological boost. The best strategy is the one you will actually follow through on. If your rates vary widely (e.g., a 24% credit card vs a 4% student loan), avalanche can save you thousands. If your rates are similar, snowball's motivational advantage may win out.