Debt Payoff Calculator
List your debts and how much extra you can pay each month to see your debt-free date and the interest you'll pay with the snowball and avalanche methods.
Snowball or avalanche?
Both methods pay the minimum on every debt and throw every extra dollar at one target. The avalanche targets the highest interest rate first and always costs the least interest. The snowball targets the smallest balance first, so the first debt disappears sooner; studies of real borrowers find that early wins keep many people on track. If the interest difference shown above is small, pick the one you'll stick with.
Frequently asked questions
Which pays off debt faster, snowball or avalanche?
The avalanche (highest APR first) never costs more interest and usually finishes the same month or sooner. The snowball can pay off individual accounts sooner, which some people find motivating.
Should I pay off debt or save first?
Most planners suggest a small emergency fund first, capturing any 401(k) match, then attacking high-interest debt such as credit cards.
What happens when a debt is paid off?
Its minimum payment rolls into the next target debt, so your total monthly payment stays the same while the payoff speeds up.