Debt Payoff Calculator: Avalanche vs. Snowball

How this calculator works

Enter each debt with its balance, interest rate (APR) and minimum monthly payment, plus any extra amount you can pay each month. The calculator pays the minimum on every debt and sends the extra money to one target debt. When a debt is paid off, its payment rolls over to the next one.

• Avalanche: the extra money goes to the debt with the highest interest rate first. It usually costs the least.
• Snowball: the extra money goes to the smallest balance first. You get quick wins that help you stay motivated.

Want the full explanation with a worked example? Read debt avalanche vs. snowball: which pays off debt faster.

Tips to get out of debt faster

• Even $50 extra a month matters. Try changing the extra payment above and watch the date move.
• Stop adding new debt to the cards you are paying off.
• Lower the interest rate if you can: a 0% balance transfer card or a debt consolidation loan can make every payment go further.
• Keep a small emergency fund so a surprise bill doesn't go back on the card. See how to build one on a small income.

Frequently asked questions

Is the result exact?
It is an estimate. It assumes your interest rate stays the same, interest is charged monthly and you make every payment on time with no new purchases. Your lender's numbers may differ slightly.

Which method should I choose?
If you will stick with it, the avalanche method usually saves the most money. If you need quick wins to stay motivated, the snowball method works well too. The most important thing is to keep paying extra every month.

Can I include a car loan or student loan?
Yes. Any debt with a balance, an interest rate and a monthly payment works.

This calculator gives estimates for educational purposes only. It is not financial advice, and your real numbers may differ.