Debt Payoff Calculator 2026
Compare snowball vs avalanche. See your payoff timeline and total interest saved.
Above all minimums combined
Avalanche
BestHighest rate first
Debt-free date
Aug 2029
Total interest
$4,454
Total paid
$27,954
Months
41
Snowball
Smallest balance first
Debt-free date
Aug 2029
Total interest
$4,454
Total paid
$27,954
Months
41
Both strategies produce nearly identical results for your debts.
Payoff timeline
For planning purposes only. Actual payoff depends on interest rate changes, fees, and payment consistency.
How it works
Enter each debt's balance, APR, and minimum payment. Add an extra monthly payment amount you can afford. The calculator simulates two strategies month by month:
Snowball: Minimum payments on all debts, extra money goes to the smallest balance. When that's paid off, its payment rolls into the next smallest. Fast wins, slightly more total interest.
Avalanche: Minimum payments on all debts, extra money goes to the highest interest rate. Mathematically optimal — minimizes total interest paid. Slower initial progress.
Both strategies show: payoff date, total interest paid, total amount paid, and a month-by-month schedule. The difference between them is your "snowball premium" — the extra interest you pay for the psychological benefit of quick wins.
FAQ
What is the difference between snowball and avalanche?
Snowball pays smallest balance first for quick wins. Avalanche pays highest interest rate first to minimize total interest. Avalanche saves more money; snowball builds motivation. This calculator shows both so you can decide.
How much faster can extra payments pay off my debt?
Even $100-200/month extra can cut years off your payoff timeline and save thousands in interest. The impact is largest on high-interest debt like credit cards.
Should I pay off debt or invest?
If your debt interest rate exceeds ~7% (long-term market average), prioritize debt. Credit card debt (15-25% APR) should almost always be paid first. Low-rate student loans or mortgages are less clear-cut.
What debts should I include?
All interest-bearing debts: credit cards, personal loans, auto loans, student loans, medical debt. Skip your mortgage unless you're specifically planning early payoff.
Is the debt snowball or avalanche better?
Avalanche is mathematically better (less total interest). But research shows many people are more successful with snowball because the quick wins maintain motivation. The best method is the one you stick with.
Related tools
- Paycheck Estimator — see your take-home pay to plan your extra payments
- Net Worth Calculator — track your overall financial picture
- Salary Inflation Calculator — is your income keeping up with rising costs?
For planning purposes only. Does not account for variable rates, promotional APRs, fees, or changes in minimum payments. Consult a financial advisor for personalized debt strategy.