Debt Payoff Calculator
Compare debt snowball vs avalanche payoff strategies side by side. Enter multiple debts to see which method saves more money, get payoff timelines, milestone dates, and detailed month-by-month schedules.
How to Use This Calculator
- Enter each of your debts with the name, current balance, interest rate (APR), and minimum monthly payment
- Add or remove debt rows as needed (up to 15 debts)
- Set the extra monthly payment you can put toward debt above your minimums
- Click Compare Strategies to see the Snowball vs. Avalanche payoff comparison
- Review the timeline, milestones, and detailed schedule to pick the best strategy for you
Your Debts
Extra Monthly Payment
How much extra can you pay each month above all your minimum payments?
Snowball vs. Avalanche: Which Is Better?
Debt Snowball targets the smallest balance first. You get quick wins that build motivation and momentum. Psychologically powerful, but you may pay slightly more in total interest.
Debt Avalanche targets the highest interest rate first. This is mathematically optimal and saves the most money overall, but it can take longer to see your first debt disappear.
The best method is the one you stick with. If you need early wins to stay motivated, Snowball might be better for you even if it costs slightly more. If you are disciplined and want to minimize total cost, Avalanche is the way to go.
Finding Extra Money for Debt Payoff
- Cancel unused subscriptions - streaming services, gym memberships, apps
- Sell items you no longer need - electronics, furniture, clothing
- Reduce dining out - cooking at home can save $200-400/month
- Pick up a side gig - freelancing, rideshare, tutoring
- Negotiate bills - call providers for lower rates on internet, insurance, phone
- Use windfalls wisely - tax refunds, bonuses, gifts toward debt
Even an extra $50-100/month can shave months or years off your debt payoff timeline.
Important Caveats
- This calculator assumes fixed interest rates. Variable-rate debts (like credit cards) may change over time.
- It does not account for late fees, annual fees, or penalties for early payoff.
- Minimum payments on credit cards typically decrease as balance drops. This calculator uses a fixed minimum.
- Results assume you do not add new charges to any debt during the payoff period.
- Some loans have prepayment penalties - check your loan terms before making extra payments.
Disclaimer
This calculator is for educational and informational purposes only. It does not constitute financial advice. Your actual results may vary based on changing interest rates, fees, payment timing, and other factors. If you are struggling with debt, please consider consulting a certified financial planner or a nonprofit credit counseling agency for personalized guidance.