Debt Payoff Calculator

Compare debt snowball vs avalanche strategies. Enter your debts and see the fastest, cheapest path to becoming debt-free.

Your Debts

$
$0$2,000

Avalanche Results

Debt-Free In4y 5m
Total Interest$3,436.08
Total Amount Paid$23,436.08

Savings vs Minimum Only

Interest Saved$3,661.53
Time Saved3y 8m

Debt Payoff Timeline

How to Pay Off Debt Faster

Getting out of debt requires a plan. This calculator compares the two most popular debt payoff strategies — snowball and avalanche — so you can choose the approach that works best for you.

Avalanche vs Snowball: A Quick Comparison

The avalanche method targets the highest interest rate first, saving you the most money. The snowball method targets the smallest balance first, giving you quick wins for motivation. Both are far better than making only minimum payments.

Steps to Become Debt-Free

  • List all debts — Include balance, interest rate, and minimum payment for each
  • Choose your strategy — Avalanche (saves money) or Snowball (builds momentum)
  • Find extra money — Cut expenses, sell items, or increase income
  • Automate payments — Set up automatic payments to stay consistent
  • Avoid new debt — Stop using credit cards until you're debt-free
  • Celebrate milestones — Acknowledge progress to stay motivated

Frequently Asked Questions

What is the debt avalanche method?
The debt avalanche method prioritizes paying off debts with the highest interest rate first while making minimum payments on all other debts. This mathematically minimizes the total interest you pay.
What is the debt snowball method?
The debt snowball method prioritizes paying off the smallest balance first while making minimum payments on everything else. While it costs more in interest than avalanche, the quick wins provide psychological motivation that helps many people stick to the plan.
Which debt payoff method is better?
The avalanche method saves more money on interest, while the snowball method provides faster emotional wins. Research shows the snowball method has higher success rates because motivation matters more than math. Choose the method you will stick with.
How much extra should I pay toward debt each month?
Any extra amount helps, but aim for at least $100-$200 extra per month if possible. Even $50 extra per month on a $10,000 credit card balance at 20% APR saves about $4,000 in interest and pays off the debt 3 years sooner.
Should I save or pay off debt first?
Build a small emergency fund ($1,000-$2,000) first, then focus on high-interest debt (above 7-8%). Keep contributing enough to get any employer 401(k) match. Once high-interest debt is gone, build a full emergency fund while paying off remaining debt.

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