Debt Payoff Calculator

Snowball vs. Avalanche — which strategy frees you faster?

What is this? Two proven strategies exist for paying off multiple debts. Snowball (pay smallest balance first) gives quick wins that build motivation. Avalanche (pay highest interest first) saves the most money mathematically. This calculator compares both — and shows exactly how much extra payments help.

The math: Paying $200 extra/month on a $10K balance at 22% APR cuts 6 years off and saves $4,800 in interest vs. minimum payments.

Who it's for: Anyone with multiple debts trying to create a payoff strategy.
Monthly Payment Budget
Your Debts
Payoff Comparison
Total Debt
—
Payoff Date
—
Total Interest Paid
—
vs. Min Payments Only
—
interest saved
Time Saved
—
Months to Freedom
—
Payoff Order

Results are estimates. Actual payoff depends on exact due dates, statement closing dates, and lender behavior. Consult a financial counselor for debt management plans.

Get Out of Debt Faster

Consolidate high-interest debt into one lower-rate loan. These lenders help you pay off debt faster.

SoFi — Personal Loans →
No-fee personal loans through Awin — debt consolidation, refinancing
Upgrade →
Debt consolidation loans from 5.99% APR — credit health tools included
NerdWallet Refinance →
Compare refinance rates from 10+ lenders — $6–$10 per lead

We may earn a commission if you click above. Calculator is free to use.

Frequently Asked Questions

Should I pay off debt or invest?

It depends on the interest rate. Paying off debt yielding 20% APR is like earning 20% guaranteed — better than most investments. Paying off 4% debt might be better invested in an index fund long-term. Run the math on your specific rates.

What is the avalanche vs snowball method?

Avalanche: pay minimums on all debts, attack the highest-interest debt first. Saves the most money. Snowball: pay off the smallest balance first. Provides psychological wins. Avalanche is mathematically superior; snowball helps if you need motivation.

Should I use a balance transfer card?

Balance transfer cards with 0% APR can save huge on interest — but only if you can pay off the balance before the promo period ends. Transfer fees (typically 3-5%) are usually worth it for large balances. Watch out for deferred interest.