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Debt Payoff Calculator

Calculate how quickly you can pay off your debts and compare avalanche vs snowball payment strategies.

Your Debts

Payment Strategy

Total amount you can pay toward all debts monthly
Additional amount beyond minimum payments

About Debt Payoff Strategies

Avalanche Method

Pay off debts in order of highest to lowest interest rate while making minimum payments on all others. This method saves you the most money in interest charges.

  • Pros: Saves the most money, fastest payoff mathematically
  • Cons: May take longer to see first debt paid off, requires discipline
Snowball Method

Pay off debts in order of smallest to largest balance while making minimum payments on all others. This method provides psychological wins by eliminating debts quickly.

  • Pros: Quick wins boost motivation, simpler to follow
  • Cons: Costs more in interest, takes longer mathematically
Tips for Debt Payoff Success
  • Always make at least the minimum payment on all debts
  • Stop adding new debt while paying off existing debt
  • Consider balance transfers to lower interest rates
  • Look for ways to increase income or reduce expenses
  • Automate payments to avoid missed payments
  • Celebrate milestones to stay motivated
Disclaimer: This calculator provides estimates for educational purposes only. Actual payoff times may vary based on your specific situation. Consider consulting with a financial advisor for personalized debt management advice.

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