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Debt Payoff Calculator – Snowball vs Avalanche Plan

List your credit cards and loans, add whatever extra you can pay each month and get a month-by-month plan to become debt-free. Compare the debt snowball and debt avalanche methods side by side: payoff order, debt-free date and total interest.

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How to use the debt payoff calculator

  1. List each debt on its own line: name, balance, APR %, minimum payment.
  2. Enter the extra amount you can pay on top of all the minimums each month.
  3. Choose Avalanche (highest interest first) or Snowball (smallest balance first).

You’ll see your debt-free date, the total interest, what the other method would cost, and how long paying only the minimums would take. The table lists the order your debts get paid off.

How the plan works

Every month the calculator:

  1. Adds a month of interest to each debt (APR ÷ 12).
  2. Pays the minimum on every debt.
  3. Puts the extra money — plus the minimums of debts already cleared — on the target debt.

When the target is paid off, its payment “rolls over” to the next debt. That is why plans speed up over time.

Worked example

These four debts with $200 extra a month ($790 in total):

DebtBalanceAPRMinimum
Store card$1,20019.9%$40
Visa$4,50024.9%$110
Car loan$9,0006.9%$280
Student loan$15,0005.5%$160
  • Avalanche: Visa first (month 18), then store card (month 20), car (27) and student loan (44). Interest ≈ $4,279.
  • Snowball: store card first (month 6), then Visa (21), car (27) and student loan (44). Interest ≈ $4,366.
  • Minimums only: about 65 months and $8,100 of interest.

The extra $200 a month saves roughly $3,800 and almost two years.

Snowball or avalanche: which should you choose?

If your interest rates are close together, the snowball costs only a little more and the early wins can keep you going. If one debt has a much higher rate — a store card at 30% next to a car loan at 6% — the avalanche can save hundreds or thousands. Some people combine the two: clear one small debt for a quick win, then switch to the avalanche. The best plan is the one you will stick to every month.

Tips to get debt-free faster

  • Find extra money — a small side income or one cut subscription adds to every month of the plan.
  • Put windfalls on the target debt: tax refunds, bonuses, gifts.
  • Avoid new debt while you pay off the old.
  • Call your lenders to ask for lower rates; it changes the avalanche order.

For one card, the credit card payoff calculator is quicker. Once you’re clear, redirect the payments to savings with the savings goal calculator. Results are estimates — see our disclaimer.

Frequently asked questions

What is the debt snowball method?

You pay the minimum on every debt and put all extra money on the smallest balance first. When it is paid off, its payment rolls to the next smallest. Quick wins keep many people motivated.

What is the debt avalanche method?

You put extra money on the debt with the highest interest rate first, then the next highest. It always costs the same or less interest than the snowball, though the first payoff may take longer.

Which method saves more money?

The avalanche. In the example on this page it saves about $87 of interest compared with the snowball, and both finish in 44 months. The bigger the gap between your interest rates, the more the avalanche saves.

How do I enter my debts?

One debt per line: a name, the balance, the APR and the minimum monthly payment, separated by commas — for example “Visa, 4500, 24.9, 110”.

What if the calculator says my debts never get paid off?

Your minimum payments don’t cover the interest on at least one debt. Increase the extra payment, ask lenders for a lower rate, or look at a consolidation loan.

Should I include my mortgage?

Usually not. Mortgages are long, low-rate debts. Most people focus on cards, personal loans, car loans and student loans first.

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