Plan how fast you can be debt-free with the snowball or avalanche method
Pay extra toward the highest-interest debt first to minimize total interest.
Your Debts
Name
Balance
APR (%)
Min. payment
Debt-free in
3 yr 10 mo
46 mo
Total paid
39,451
Total interest
4,451
Total principal
35,000
That's 46 months and 4,451 in interest with the Snowball strategy.
Payoff Order
1Credit Card(22%)5,000
Paid off in month 14+693.29 interest
2Car Loan(7%)12,000
Paid off in month 29+1,299.56 interest
3Student Loan(5%)18,000
Paid off in month 46+2,458.01 interest
Balance Over Time
146 mo
Snowball vs. Avalanche
The debt avalanche targets the highest interest rate first, which saves the most money in interest. The debt snowball targets the smallest balance first, which clears individual debts faster and can keep you motivated. Both apply your minimum payments to every debt, then funnel any extra payment to the target debt; when a debt is cleared, its payment rolls into the next one.
What is a Debt Payoff Calculator?
A debt payoff calculator shows how long it will take to clear your debts and how much interest you will pay, based on your balances, interest rates and monthly payments. Enter each debt, add any extra amount you can pay every month, and choose a strategy. The avalanche method funnels your extra payment to the highest-rate debt first to save the most interest; the snowball method targets the smallest balance first for faster, motivating wins. The calculator shows your debt-free date, total interest, the order debts are cleared, and a chart of your shrinking balance, and it compares both strategies so you can pick the one that fits you.
How to Use
1. Enter each debt's name, balance, annual interest rate (APR) and minimum monthly payment.
2. Add the extra amount you can put toward debt each month on top of the minimums.
3. Choose the avalanche (highest rate first) or snowball (smallest balance first) strategy.
4. Read your debt-free date, total interest and payoff order, and use the comparison line to see how the other strategy stacks up.
How It Works
Each month, interest is added to every balance as balance x APR / 12. Every debt receives its minimum payment, then any leftover money (extra payment plus freed-up minimums from cleared debts) is applied to the target debt - the highest-rate one under avalanche, the smallest-balance one under snowball. When a debt hits zero, its payment rolls into the next target, accelerating payoff. This repeats until every balance is zero. For example, three debts of $5,000 (22%), $12,000 (7%) and $18,000 (5%) with an extra $300/month clear in a few years, with avalanche saving the most interest.
Interpreting Results
The debt-free date and total interest are the headline numbers. Avalanche almost always pays the least total interest, while snowball may finish a few months later but clears individual debts sooner, which many people find easier to stick with. If a debt is flagged as never paid off, its minimum payment is below the monthly interest - raise the payment or add extra. Use the balance chart to see momentum build as cleared debts free up cash. Treat the timeline as an estimate that assumes fixed rates and no new borrowing.
Frequently Asked Questions
What's the difference between snowball and avalanche? ▾
The avalanche method pays extra toward the highest interest rate first, minimizing total interest. The snowball method pays extra toward the smallest balance first, clearing debts faster for psychological momentum. Both make minimum payments on every debt.
Which method should I choose? ▾
Choose avalanche if your priority is saving the most money on interest. Choose snowball if you stay motivated by quickly eliminating individual debts. The difference in cost is often small, so the best method is the one you'll actually follow.
What is APR? ▾
APR (annual percentage rate) is the yearly interest rate on a debt. The calculator converts it to a monthly rate (APR / 12) to add interest each month. Use the rate from your statement for each debt.
Why does it say a debt is never paid off? ▾
That happens when a debt's minimum payment is smaller than the interest charged each month, so the balance grows instead of shrinking. Increase that debt's minimum payment or add an extra monthly payment to make progress.
Does extra payment really help that much? ▾
Yes. Even a modest extra amount each month goes entirely to principal, cutting both the payoff time and the total interest significantly - especially on high-rate debt. Try different extra amounts to see the impact.
This calculator provides general estimates for educational purposes only and is not financial advice. It assumes fixed interest rates, no new charges and on-time payments. Your actual results may differ; consult a qualified financial professional for guidance on your situation.