Debt Payoff Calculator
Enter your debts below and see exactly when you'll be debt-free. Compare snowball vs. avalanche to find the strategy that works for you.
Your Debts
This amount is applied to the target debt each month after all minimums are paid.
Snowball Method
Smallest balance first
Avalanche Method
Highest interest first
Monthly Payment Schedule
| Month | Target Debt | Payment | Interest | Remaining |
|---|
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Disclaimer: This calculator provides estimates for educational purposes only. Actual payoff timelines depend on your lender terms, payment consistency, and any changes to your debt balances. This is not financial advice. Full disclosure.
How It Works
What is the snowball method?
The debt snowball method pays off debts from smallest balance to largest, regardless of interest rate. Each time a debt is paid off, you roll that payment into the next smallest debt. This method provides psychological wins that keep you motivated.
What is the avalanche method?
The debt avalanche method pays off debts from highest interest rate to lowest. This mathematically saves you the most money in interest charges over time, though it may take longer to see individual debts eliminated.
Which method saves more money?
The avalanche method always saves more in total interest paid. However, research from Northwestern University shows the snowball method has higher completion rates because quick wins keep people motivated. The best method is the one you'll stick with.
How much extra should I pay?
Even $50 extra per month makes a significant difference. On a $10,000 debt at 20% APR, adding $100/month to the minimum cuts payoff time from 9+ years to under 3 years and saves over $7,000 in interest. Use the calculator above to see your specific numbers.