Debt Payoff Calculator
Compare the debt snowball and debt avalanche methods and find your debt-free date
Your Debts
- Debt nameBalance ($)APR (%)Minimum ($/mo)
- Debt nameBalance ($)APR (%)Minimum ($/mo)
- Debt nameBalance ($)APR (%)Minimum ($/mo)
- Debt nameBalance ($)APR (%)Minimum ($/mo)
On top of all minimum payments
Payoff strategy
Debt-free in
3 yr 6 mo
paying $850 a month
Total interest
$4,189
on $30,800 of debt
Total paid
$34,989
Saved vs minimum payments
$4,576
and 6 yr sooner
Strategy Comparison
| Plan | Monthly | Debt-free in | Interest |
|---|---|---|---|
| Avalancheselected | $850 | 3 yr 6 mo | $4,189 |
| Snowball | $850 | 3 yr 6 mo | $4,286 |
| Minimum payments only | $650 | 9 yr 6 mo | $8,766 |
The avalanche method saves $97 in interest compared with the snowball method.
Payoff Order: Avalanche
- 1Credit Card Apaid off in 1 yr 4 mo
- 2Credit Card Bpaid off in 1 yr 8 mo
- 3Car Loanpaid off in 2 yr 3 mo
- 4Student Loanpaid off in 3 yr 6 mo
Avalanche vs Snowball
Both methods pay every minimum and send all extra money to one target debt. When a debt is cleared, its payment rolls over to the next target. The avalanche targets the highest interest rate first and always costs the least interest. The snowball targets the smallest balance first, clearing whole accounts sooner for quick wins.
How It's Calculated
Interest = balance × APR ÷ 12
Budget = Σ minimums + extra
Each month interest is added, every minimum is paid, and what is left of the budget goes to the target debt. Minimum payments are treated as fixed amounts.
Tips to Pay Off Faster
- •Stop adding new charges to cards you are paying down
- •Put windfalls such as tax refunds or bonuses toward the target debt
- •Ask card issuers for a lower APR; a strong payment history helps
- •Consider a 0% balance transfer, but include the transfer fee and the intro period's end date
- •Automate payments so you never miss a minimum or pay a late fee
This is an estimate. Real minimum payments on credit cards usually fall as the balance drops, and lenders may compound interest daily, so actual results will differ slightly.