Money · Debt
Debt Payoff Calculator
List your debts, add what you can pay each month, and compare the snowball and avalanche methods side by side: which is faster, which costs less, and what to pay off first.
Your result
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Snowball vs. avalanche: what's the difference?
Both methods pay the minimum on every debt and put every extra dollar toward one target. When a debt is paid off, its payment rolls over to the next one, so your payments "snowball" over time.
- Avalanche targets the highest interest rate first. It usually costs the least interest and can finish soonest.
- Snowball targets the smallest balance first. You clear whole debts sooner, and many people find those quick wins easier to stick with.
How to use this calculator
Enter each debt's balance, interest rate (APR) and minimum payment from your statements. Add the extra amount you can pay each month beyond the minimums. The result compares both methods and lists the order and month each debt would be paid off.
How it's calculated
Worked example
- Avalanche pays the 26% card first: debt-free in 36 months with about $4,750 in interest
- Snowball pays the $3,000 card first: also 36 months, but about $5,430 in interest
- Avalanche saves about $680 here; snowball clears the first debt 16 months sooner
Common questions
Which method is better?
Avalanche usually saves more money. Snowball can be easier to stay motivated with. The best method may be the one you'll keep doing, and this calculator shows how much the choice costs with your numbers.
Should I include my mortgage?
Many people leave out the mortgage and focus on consumer debt such as credit cards, personal loans, medical bills and car loans. You can include it if you'd like to see the full picture.
What if a debt has a 0% promotional rate?
Enter 0% for now, but note when the promotion ends. If a deferred-interest promotion could charge back interest, it may be worth clearing before the deadline.
Would consolidation help?
A consolidation loan or balance transfer at a lower rate can reduce interest, but watch for fees and avoid running the old balances back up. Try the personal loan calculator to compare.