Debt Payoff Calculator

Add your debts, pick the avalanche or snowball strategy, and add an optional extra payment to see your debt-free date and total interest. A side-by-side comparison shows which method wins for you.

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NameBalance ($)APR (%)Min payment ($)

Strategy

Extra monthly payment ($)

Months to debt-free

Total interest paid

Total paid

Payoff order (avalanche)

Avalanche vs. Snowball

Strategy	Months to debt-free	Total interest	Total paid

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Guide

Avalanche vs. snowball: two ways to get debt-free

When you owe money on several debts, the order you attack them in changes how fast you finish and how much interest you pay. Two popular strategies dominate. The avalanche method targets the debt with the highest interest rate first while paying minimums on the rest. The snowball method targets the smallest balance first. In both cases, once one debt is cleared you roll its payment onto the next, so your repayment power grows as you go.

Which method saves the most money?

Mathematically, the avalanche method always wins. By killing your highest-rate debt first, you minimise the total interest charged, so you pay the least and often finish slightly sooner. If your only goal is to spend as little as possible, avalanche is the optimal choice, and this calculator shows you exactly how much it saves.

Which method is easier to stick with?

The snowball method wins on psychology. Clearing a small debt completely gives you a fast, visible win, and that momentum keeps many people motivated through a long payoff. Personal finance is as much about behaviour as math: the best plan is the one you will actually follow. If the interest-rate gap between your debts is small, the snowball's motivation can outweigh the avalanche's modest savings.

The power of an extra payment

Adding even a small fixed amount on top of your minimums each month has an outsized effect, because every extra dollar goes straight to principal and stops accruing interest. Use the extra-payment field above to see how much sooner you reach your debt-free date and how much interest you avoid. Always keep paying the minimum on every debt, since missed payments trigger fees and can damage your credit.

This tool is for general guidance and is not financial advice.

Last updated: July 2026

Frequently Asked Questions

What is the difference between avalanche and snowball?

The avalanche method directs extra payments to the debt with the highest interest rate first, minimizing total interest. The snowball method targets the smallest balance first, delivering quick wins that build motivation. Both pay the minimum on every other debt.

Which method saves more money?

The avalanche method almost always saves the most in total interest, because it eliminates your most expensive debt fastest. The difference is largest when your highest-rate debt is also one of your larger balances.

Which method is easier to stick with?

Many people find the snowball method easier because clearing an entire debt early provides a psychological boost. The best method is the one you will actually follow through on - consistency matters more than a small interest difference.

How is payoff time calculated?

The calculator simulates month by month: it adds interest, applies each debt’s minimum payment, then sends any extra payment to the prioritized debt. When a debt is cleared, its freed-up minimum rolls into the next debt, accelerating payoff.

Should I pay minimums on all debts?

Yes. Always pay at least the minimum on every debt to avoid late fees and credit damage. Both strategies assume minimums are paid on all debts, with any extra money directed to a single prioritized debt.

What if I miss a payment?

Missing a payment can trigger late fees, penalty interest rates, and credit-score damage, which would extend your real payoff timeline beyond this estimate. The calculator assumes every scheduled payment is made on time.