Debt payoff calculator
List your debts and see when you'll be debt-free with the snowball and avalanche methods, and which one saves you more interest.
Snowball vs avalanche
saves in interest.
Both methods cost the same interest.
Snowball (smallest balance first)
- Debt-free in
- Around
- Total interest
Payoff order:
Avalanche (highest APR first)
- Debt-free in
- Around
- Total interest
Payoff order:
Estimates only, for illustration.
How this calculator works
Add each debt with its balance, interest rate (APR) and minimum payment, then enter any extra amount you can pay each month.
Each month, the calculator adds interest to every debt, pays all the minimums, and puts your extra money toward one target debt:
- Snowball: the smallest balance first.
- Avalanche: the highest interest rate first.
When a debt is paid off, its minimum payment moves on to the next target, so your payments grow as you go. The results show your debt-free date, total interest and payoff order for each method.
Tips
- Include every debt you want to clear: credit cards, store cards, personal loans and car loans. Most people leave a mortgage out.
- Find extra money for the plan by trimming bills and subscriptions. Even a small extra payment changes the results a lot.
- Don't add new debt while you're paying off the old.
For a single card, the credit card payoff calculator is quicker.
Common questions
Both pay the minimum on every debt and put extra money toward one debt at a time. The snowball targets the smallest balance first, for quick wins. The avalanche targets the highest interest rate first, which usually saves the most money.
If the avalanche saves a lot more, it's usually the better choice. If the difference is small, or you need early wins to stay motivated, the snowball works well. The best plan is the one you'll stick to.
Its minimum payment rolls into the next debt on your list, along with your extra amount. That's why payments speed up over time.