Debt Payoff Calculator
Add your debts and an extra monthly payment to compare the avalanche and snowball methods — payoff time, total interest, and which one wins.
Avalanche
Less interestHighest interest rate first
Debt-free in
2 yr 10 mo
Total interest
$3,070
Snowball
Smallest balance first
Debt-free in
2 yr 11 mo
Total interest
$3,482
The avalanche method saves you $412 in interest. Choose snowball instead if clearing a small debt quickly keeps you motivated.
Find the extra payment in your spending
The fastest way to pay off debt is a bigger monthly payment — and the easiest place to find it is spending you didn't realize you had. Scan your receipts with ReceiptSync to see exactly where your money goes.
Avalanche vs snowball: which pays off debt faster?
Both strategies pay the minimum on every debt and put every spare dollar toward one target debt. The avalanche targets your highest interest rate first, so you pay the least total interest. The snowball targets your smallest balance first, so you eliminate whole debts quickly and build momentum. Avalanche wins on math; snowball often wins on motivation — and the best plan is the one you'll finish.
A tax refund or bonus is a great way to jump-start either plan — see what to do with your tax refund (paying off high-interest debt ranks first), and use the tax refund optimizer to plan the split. Budgeting the rest? Try the 50/30/20 budget calculator.
This tool is general information, not financial advice.
Frequently asked questions
What's the difference between the avalanche and snowball methods?
The avalanche method pays extra toward your highest-interest debt first, which minimizes the total interest you pay. The snowball method pays your smallest balance first, which clears individual debts faster for quick motivational wins. Both pay minimums on everything else.
Which debt payoff method is better?
Mathematically, the avalanche method always costs less interest and is usually at least as fast. The snowball method can be better if the psychological boost of eliminating a debt quickly keeps you motivated to stick with the plan. This calculator shows both so you can decide.
How does the extra payment work?
Enter any amount you can pay above your combined minimums. It's applied to the priority debt each month, and as debts are paid off their old minimums roll into the extra — the 'snowball' effect that accelerates payoff over time.
Why does it say my debt won't pay off?
If a debt's minimum payment is less than the interest it accrues and no extra reaches it, the balance grows instead of shrinking. Increase your monthly payment to make progress. The calculator flags this instead of running forever.
Is this financial advice?
No — it's a free estimate using standard amortization math with fixed rates. Your actual results depend on your lender's terms and your real payments.