Debt Payoff Calculator
Compare the snowball and avalanche methods side-by-side. See which pays off your debt fastest and how much interest you'll save.
Snowball vs avalanche: which is right for you?
Both methods work. The difference is psychological. If you need wins to stay motivated, start with the smallest balance. If you're disciplined and want to minimize total interest, go with the highest rate first. The most important thing is to start — both beat making minimums for years.
How to use this calculator
- Add each of your debts with the current balance, APR, and minimum payment
- Enter any extra amount you can put toward debt each month
- See the snowball vs avalanche payoff timelines and total interest side-by-side
- The chart shows your total balance dropping over time using the avalanche method
Tips to pay off debt faster
- Even $50/month extra makes a significant difference — it doesn't have to be huge
- Redirect windfalls (tax refunds, bonuses) directly to debt principal
- Consider balance transfer cards (0% intro APR) for high-interest credit card debt
- Cancel unused subscriptions and direct those savings to debt payoff
Frequently Asked Questions
What is the debt snowball method?+
Pay off your smallest balance first while making minimums on everything else. Once it's cleared, roll that payment into the next smallest. It builds momentum through quick wins.
What is the debt avalanche method?+
Target the highest interest rate first. This saves the most money in interest charges but takes longer to see your first debt cleared.
Which method is better — snowball or avalanche?+
Avalanche saves more money. Snowball is better if you need motivation to stay on track. Both work — choose the one you'll stick with.
Should I pay off debt or invest?+
If debt interest rate > 7%, prioritize paying it off. If lower, investing while making minimums may be smarter. Always at least capture employer 401k matching first.
How much does an extra $100/month change things?+
On a $10,000 credit card at 20% APR, an extra $100/month saves over $3,000 in interest and cuts ~3 years off your payoff timeline.
Related tools & guides
Track spending to free up more for debt
Finlingo shows exactly where your money goes — most users find $100-300/month to redirect to debt payoff within the first week.
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