Debt Payoff Calculator

Enter your debts below to see your estimated debt-free date, total interest paid, and a side-by-side comparison of the two most effective payoff strategies. The avalanche method (highest interest rate first) saves the most money. The snowball method (smallest balance first) builds momentum with quick wins. See which one works better for your situation — and how much faster an extra monthly payment gets you to zero.

Frequently asked questions

The avalanche method pays off your highest-interest debt first while making minimum payments on all others. Once the highest-rate debt is paid off, you roll that payment to the next highest. It minimizes total interest paid.

How does the debt payoff calculator work?

Enter each of your debts — credit cards, personal loans, student loans, car payments, anything with a balance and an interest rate. Add the minimum payment for each, then optionally add an extra monthly amount you can commit to paying down debt. The calculator runs two simulations simultaneously: the avalanche method (highest APR first) and the snowball method (lowest balance first). You'll see exactly how long each takes, how much interest you'll pay, and which one saves you more money. Most people save hundreds or thousands of dollars by switching from minimum payments to a structured payoff strategy. The sooner you start, the more you save.

Avalanche vs snowball: which saves more?

In almost every scenario, the avalanche method saves more money because it targets the most expensive debt first. The difference can be significant — on a $20,000 debt portfolio with mixed interest rates, the avalanche method often saves $1,000–$3,000 in interest compared to the snowball. That said, personal finance is personal. Research shows that people who feel progress are more likely to stay on track. If the snowball method keeps you motivated and you actually stick to it, it beats an avalanche plan you abandon after three months.