Debt Payoff Calculator
Plan your path to debt freedom. Compare the snowball method (smallest balance first) with the avalanche method (highest interest first). See exactly when you'll be debt-free and how much interest you'll save.
Your Debts
| Debt Name | Balance | APR % | Min. Payment | |
|---|---|---|---|---|
$ | % | $ |
Payment Strategy
Additional amount to put toward debt each month
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How to Use
- 1 Add your debts — Enter each debt with its name (e.g., 'Chase Credit Card'), current balance, APR (annual percentage rate), and minimum monthly payment. You can add up to 10 debts.
- 2 Choose your strategy — Select either Snowball (pay smallest balance first for quick wins) or Avalanche (pay highest interest first to save money).
- 3 Enter extra payments — If you can pay more than the minimums, enter your extra monthly amount. Even $50-100 extra can dramatically reduce your payoff time.
- 4 Review your results — See your debt-free date, total interest paid, and time/money saved compared to minimum payments only.
- 5 Compare strategies — Check the comparison section to see how much you'd save with each method, then choose what works for your motivation style.
Frequently Asked Questions
What is the debt snowball method?
The debt snowball method focuses on paying off your smallest debt first while making minimum payments on other debts. Once the smallest is paid off, you roll that payment to the next smallest. This creates psychological momentum through quick wins.
What is the debt avalanche method?
The debt avalanche method prioritizes paying off debts with the highest interest rates first. This approach minimizes total interest paid and is mathematically optimal, though it may take longer to see your first debt eliminated.
Which debt payoff method is better?
The avalanche method saves more money on interest, while the snowball method provides faster psychological wins. Choose avalanche if you're motivated by numbers, or snowball if you need early victories to stay motivated.
How much extra should I pay each month?
Any extra amount helps! Even $50-100 extra per month can save thousands in interest and years off your payoff timeline. Review your budget to find money you can redirect toward debt.