Debt Payoff Calculator
Plan how to clear several debts together — compare the snowball method (smallest balance first) with the avalanche method (highest rate first) and see which saves you more interest.
How to use
- Enter up to three debts — balance, rate and minimum payment (keep the balance 0 for any debt you do not have).
- Enter the extra amount you can pay each month on top of the minimums.
- Compare the months and total interest for both methods.
- Whichever method you choose, roll the minimum payment of each cleared debt into the next debt — that is the core idea of snowball and avalanche.
Note
The simulation applies interest each month first, then minimum payments, then the extra amount on the target debt. When a debt is cleared, its minimum payment joins the extra amount.
Tips
- Avalanche usually wins on interest; snowball wins on motivation — pick the one you will stick with.
- Even a small extra monthly amount shortens the payoff a lot — enter what you can truly afford.
- This is an estimate only — real interest, fees and late payments can change the numbers.
Related tools
- Debt Snowball vs Avalanche Calculator — Compare the snowball and avalanche payoff methods side by side for up to five debts.
Frequently Asked Questions (FAQ)
What does the debt payoff calculator compare?
It compares the snowball method (smallest balance first) with the avalanche method (highest rate first) for up to three debts, showing months to clear and total interest for each.
What debt details does the calculator need?
For each debt: balance, rate and minimum payment, plus the extra amount you can pay each month on top of the minimums. Keep the balance 0 for any debt you do not have.
Which method is better - snowball or avalanche?
Avalanche usually wins on interest while snowball wins on motivation. The tool shows which saves you more interest - pick the one you will actually stick with.
Is this an exact payoff plan?
No, it is an estimate. The simulation applies monthly interest first, then minimum payments, then the extra amount on the target debt - but real interest, fees and late payments can change the numbers.