Debt Payoff Calculator

The debt snowball pays off your smallest balance first. The debt avalanche pays off your highest interest rate first. Both pay the minimum on every debt and put all extra money on one target. The avalanche nearly always costs less in interest, while the snowball gives you quicker wins. This tool runs both on your own debts so you can see the real difference.

Add each debt with its balance, yearly interest rate and minimum monthly payment. Then enter any extra amount you can pay each month. For each method, the tool shows the months to become debt-free, the total interest and the total paid. It also shows which one saves more and by how much, and a chart of your total balance over time.

Here is how it works each month. Interest is added, minimums are paid, and whatever is left in your budget goes to the target debt. When a debt is paid off, its minimum rolls into the next target, so your total monthly payment stays the same. That rolling effect is what speeds things up. Any debt with a balance or minimum payment of 0 is left out.

Minimum payments alone can take a very long time. The table below shows one $5,000 debt at 20% interest. At $100 a month it takes 109 months and costs more in interest than the debt itself. At $300 a month it is gone in 20 months. If your payments do not cover the interest, the tool says the debt will never be paid off.

Pick the method you will stick with, since the best plan is one you finish. For a single loan with a fixed payment, the Loan and EMI Calculator gives a full schedule. If debt feels unmanageable, a nonprofit credit counselor can help.