Debt Payoff Calculator

Create a debt payoff plan using avalanche or snowball method.

$
Payoff Strategy

Result

Fill in the fields above, then press Calculate.

The Debt Payoff Calculator shows how long it will take to eliminate your debts and compares two popular strategies: the Avalanche (pay highest-rate debt first to minimize interest) and the Snowball (pay lowest-balance debt first for psychological wins). Use this to accelerate your path to debt freedom.

Enter your debts as a JSON array with name, balance, rate, and minPayment for each. Set the extra monthly payment you can afford above minimums. Choose Avalanche (pays highest rate first) or Snowball (pays lowest balance first). Click Calculate to see payoff order, timeline, and a comparison of both strategies.

Examples

Avalanche vs Snowball

With $8,000 total debt across two cards (18.99% and 22.99%) and $200 extra monthly, avalanche typically saves more interest, while snowball provides faster first wins.

Frequently Asked Questions

What is the debt avalanche method?
Pay minimums on all debts, then put all extra money toward the debt with the highest interest rate. This minimizes total interest paid.
What is the debt snowball method?
Pay minimums on all debts, then put all extra money toward the debt with the smallest balance. This creates quick psychological wins.
How much extra should I pay?
Any amount helps. Even $50-100 extra per month can save thousands in interest and years of payments.
Related Calculators
Credit Card Payoff Calculator
Personal Loan Calculator
Student Loan Calculator
Budget Calculator

Quick Tips

  • •The avalanche method saves the most money in interest.
  • •The snowball method helps with motivation by eliminating debts faster.
  • •Both strategies beat paying only minimum payments by a wide margin.
  • •Consider consolidating high-rate debts into a lower-rate loan.