Debt Freedom Tool
DEBT PAYOFF CALCULATOR
Compare Snowball vs Avalanche methods. See exactly when you'll be debt-free and how much interest you'll pay.
Your Debts
List the debts you want to pay off.
Extra Payment
Extra amount you can pay each month beyond minimums.
Payoff Summary
Total Interest
Debt-Free By
Min. Only Interest
Best Method
Method Comparison
Snowball
Interest Paid$0
Payoff Time0 mo
Avalanche
Interest Paid$0
Payoff Time0 mo
Frequently Asked Questions
What is the snowball method?
The debt snowball method focuses on paying off your smallest debt first while making minimum payments on the rest. Once the smallest debt is gone, you roll that payment to the next smallest. This builds momentum and motivation.
What is the avalanche method?
The debt avalanche method focuses on paying off the debt with the highest interest rate first. This saves you the most money on interest over time, but can take longer to see your first debt paid off.
Which method is better?
The avalanche method saves more money on interest. The snowball method gives you faster psychological wins. Choose snowball if you need motivation, avalanche if you want to minimize total cost.
What is an extra payment?
An extra payment is any amount you pay above the minimum monthly payment. Adding even a small extra payment each month can save you thousands in interest and help you become debt-free months or years earlier.
How does this calculator work?
Enter each debt with its balance, interest rate, and minimum payment. The calculator simulates both snowball and avalanche payoff plans month by month until all debts are paid off.
How to Use
01
Add your debts
List each debt with its balance, interest rate, and minimum monthly payment.
02
Set extra payment
Enter how much extra you can pay each month beyond the minimums.
03
Compare methods
See side-by-side comparison of snowball vs avalanche interest and payoff time.
04
Pick your plan
Choose the method that fits your goals and start your debt-free journey.
How to Calculate
The calculator simulates both methods month by month. Snowball sorts debts by balance (smallest first). Avalanche sorts by interest rate (highest first). Each month, minimum payments go to all debts, and any extra payment goes to the target debt. Interest accrues monthly on remaining balances.