Debt Payoff Calculator
List your debts with their balance, interest rate and minimum payment, add any extra amount you can pay each month, and the calculator compares two plans side by side. The snowball pays the smallest balance first and the avalanche pays the highest interest rate first. For each plan you see how long it takes to be debt free, the total interest, the total paid and the month each debt is cleared. It also shows what paying only the minimums would cost. Everything runs in your browser.
Snowball (smallest balance first)
- Debt free in
- 1 year 11 months
- Total interest
- $1,331.40
- Total paid
- $8,331.40
- 1. Loan Cmonth 4
- 2. Card Amonth 9
- 3. Card Bmonth 23
Avalanche (highest rate first)
Less interest- Debt free in
- 1 year 11 months
- Total interest
- $1,246.71
- Total paid
- $8,246.71
- 1. Card Amonth 6
- 2. Card Bmonth 22
- 3. Loan Cmonth 23
Paying only the minimums takes 7 years 10 months and costs $5,097.33 in interest, which is $3,850.62 more than the avalanche.
Each month the interest (annual rate divided by 12) is added to every open debt, every debt gets its minimum, and everything left of your budget goes to the target debt: the smallest balance for the snowball, the highest rate for the avalanche. When a debt is paid off, its minimum rolls into the next one, so the monthly budget stays the same. The avalanche always pays the least interest; the snowball clears the first debt sooner, which some people find easier to stick with. Real statements round differently and rates can change, so treat the dates as a plan, not a promise. Everything runs in your browser.
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Math & MoneyAbout the Debt Payoff Calculator
Both methods work the same way. Every month interest is added to each open debt (the annual rate divided by 12), every debt gets its minimum payment, and everything left of your monthly budget goes to one target debt. The budget is the sum of all the minimums plus your extra amount, and when a debt is paid off its minimum rolls into the next target, so the budget never shrinks. The snowball targets the smallest balance, which clears debts quickly and can be motivating. The avalanche targets the highest rate, which always pays the least interest. For example, with a card of 1,200 at 24% (minimum 40), a card of 5,000 at 18% (minimum 100), a loan of 800 at 12% (minimum 30) and 200 extra a month, both methods finish in 23 months. The snowball costs 1,331.40 in interest and the avalanche costs 1,246.71, a saving of 84.69. Paying only the minimums would take 94 months, or 7 years and 10 months, and cost 5,097.33 in interest. Real statements round and change rates, so the dates are a plan and not a promise.
What is the difference between the debt snowball and the debt avalanche?▾
The snowball pays off the smallest balance first. The avalanche pays off the highest interest rate first. Both pay the minimum on every other debt.
Which method saves more money?▾
The avalanche, because it removes the most expensive debt first. In the example the gap is 84.69 of interest over 23 months, and it grows with larger balances and bigger rate differences.
Why use the snowball if the avalanche is cheaper?▾
Clearing a whole debt early can feel motivating, and a plan you keep following beats a cheaper one you abandon. In the example the gap between them is only 84.69.
What happens when a debt is paid off?▾
Its minimum payment is added to the next target debt, so the total you pay each month stays the same. This rollover is what makes both methods fast.
Is my data uploaded?▾
No. The calculation runs in your browser and nothing you enter is sent anywhere.