Credit cards, loans, any debt

Debt Payoff Calculator
Snowball vs Avalanche

Enter your debts and extra monthly payment to see exactly when you'll be debt-free. Compare the debt snowball and debt avalanche strategies side by side. Free. No signup.

How to Use the Debt Payoff Calculator

Add Your Debts

Click 'Add debt' to enter each debt you want to pay off — credit cards, personal loans, auto loans, medical bills, or any other debt. For each one, enter the current balance, annual percentage rate (APR), and minimum monthly payment. You can find these on your monthly statement or by logging into your account online.

Set Your Extra Monthly Payment

Enter how much extra money you can put toward debt each month above the minimum payments. Even $50–$100 extra per month can dramatically reduce your payoff time and save hundreds or thousands in interest. If you can't afford extra right now, set it to $0 to see your baseline payoff timeline using minimums only.

Choose Your Strategy: Snowball or Avalanche

The debt avalanche pays off your highest-interest debt first, which minimizes total interest paid and is mathematically optimal. The debt snowball pays off your smallest balance first, which provides faster psychological wins and momentum — many people find it easier to stick with. Switch between strategies to compare the difference.

Review Your Results

The calculator instantly shows your payoff timeline, total interest paid, and total amount paid for both strategies. The strategy comparison panel shows exactly how much interest and time you save by choosing one strategy over the other. The balance chart shows your total debt decreasing month by month.

Check the Payment Schedule

Click 'Show table' to see the full month-by-month amortization schedule, including how much of each payment goes to interest vs. principal. This helps you visualize your progress and plan for milestones like being halfway debt-free or paying off your first debt.

Debt Payoff Calculator FAQs

What is the debt avalanche method?

The debt avalanche method is a debt payoff strategy where you make minimum payments on all debts, then put any extra money toward the debt with the highest interest rate first. Once that debt is paid off, you roll its payment to the next-highest-rate debt. This approach minimizes the total interest you pay over time, making it the mathematically optimal strategy. It works best if your highest-rate debts are also relatively small, or if you're highly motivated by saving money.

What is the debt snowball method?

The debt snowball method is a debt payoff strategy where you make minimum payments on all debts, then put any extra money toward the debt with the smallest balance first. Once that debt is eliminated, you roll its payment to the next-smallest balance. Made popular by Dave Ramsey, this approach delivers faster psychological wins by eliminating individual debts sooner. Research suggests that for many people, the motivation from seeing debts disappear outweighs the extra interest cost — making the snowball more effective in practice even if not on paper.

Snowball vs avalanche: which is better?

It depends on your personality and situation. The avalanche is mathematically better — it saves more money in interest. The snowball is psychologically better — it keeps more people motivated and on track. If your highest-rate debt also has the smallest balance, both methods are identical. If you struggle with motivation or have previously quit debt payoff plans, choose the snowball. If you're disciplined and want to minimize cost, choose the avalanche. This calculator shows you both so you can make an informed choice.

What is an APR on a debt?

APR stands for Annual Percentage Rate — the yearly interest rate charged on your outstanding balance. For credit cards, common APRs range from 15% to 30%+. For auto loans, 4–12%. For personal loans, 6–36% depending on your credit score. To find your exact APR, check your monthly statement, your card/loan agreement, or log into your account. Note: credit card APRs are variable and can change, while most installment loans (auto, personal) have fixed rates.

Should I include my mortgage in the debt payoff calculator?

You can, but most financial advisors treat mortgage debt differently from consumer debt (credit cards, personal loans, auto loans). Mortgage debt is usually low-interest, tax-advantaged, and tied to an appreciating asset. The debt snowball and avalanche strategies are typically used for consumer debt. If you want to accelerate your mortgage, you can model it here, but it's generally better to pay off high-interest consumer debt first before making extra mortgage payments.

How much extra should I pay each month?

Even small extra payments make a significant difference. As a starting point, try to find $100–$200/month in your budget by cutting discretionary spending — dining out, subscriptions, entertainment. Use a windfall (tax refund, bonus, gift) to make a lump-sum payment. The calculator lets you experiment with different extra payment amounts to see how much time and interest you save. A common goal is to double your minimum payment on the focus debt.

What happens to payments when a debt is paid off?

When a debt is paid off, both strategies redirect that debt's minimum payment (plus any extra) to the next target debt. This is called 'rolling' the payment. Over time, the payment applied to the focus debt grows larger and larger — like a snowball rolling downhill. This acceleration is why systematic payoff plans work so much faster than making random extra payments across multiple debts.

Does this calculator account for minimum payment changes?

This calculator uses the fixed minimum payment you enter for each debt throughout the payoff period. In reality, credit card minimum payments often decrease as your balance decreases (many issuers charge 1–2% of the balance). Using a fixed minimum payment is actually more aggressive than the bank's minimums and will pay off your debt faster than if you let minimums decrease over time. For best results, maintain your current minimum payment even as your balance falls.

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Both Snowball & Avalanche

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Disclaimer

This debt payoff calculator is provided for educational and informational purposes only. Results are estimates based on the balances, interest rates, and payment amounts you enter, and assume fixed interest rates and consistent monthly payments with no additional charges or fees. Actual payoff timelines and interest costs may vary based on your lender's terms, variable interest rates, late fees, or changes in minimum payment requirements. This tool does not constitute financial or debt counseling advice. If you are struggling with debt, consider speaking with a nonprofit credit counselor or a licensed financial advisor.

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Debt Payoff Calculator Snowball vs Avalanche