Debt Payoff Calculator
Find the fastest way to become debt-free. Compare Snowball and Avalanche strategies with extra payments.
Your Debts
Debt Breakdown
Payoff Strategy Comparison
Time
4y 10m
Interest
$7.7K
Total Paid
$60.7K
Time
4y 10m
Interest
$7.7K
Total Paid
$60.7K
Time
4y 5m
Interest
$8.0K
Total Paid
$61.0K
Avalanche saves you $291 in interest and -5 months of payments!
Avalanche Method
Pay highest interest rate first. Saves the most money mathematically.
Snowball Method
Pay smallest balance first. Quick wins keep you motivated.
Extra Payments
See how even small extra payments dramatically reduce your payoff time.
How to Use
Enter Debts
Add all your debts with balance, rate, and minimum payment.
Set Extra Payment
Enter any extra money you can put toward debt each month.
Compare Methods
See Avalanche vs Snowball vs minimum payment comparison.
Pick Strategy
Choose the method that fits your personality and start paying!
The Formula
Avalanche: Highest rate → Lowest rate | Snowball: Lowest balance → Highest balanceFrequently Asked Questions
Avalanche vs Snowball — which is better?
Avalanche saves more money (less total interest). Snowball gives quicker wins (pays off debts faster psychologically). Mathematically, Avalanche wins. Emotionally, Snowball wins. Pick what keeps you motivated.
How much extra should I pay?
Even $100-200 extra per month makes a huge difference. Every dollar of extra payment goes directly to principal, saving you interest over the life of the loan.
Should I save or pay off debt first?
Build a small emergency fund ($1,000-2,000) first, then aggressively pay off high-interest debt (>7%). Low-interest debt (<5%) can coexist with investing.
Which debt should I pay off first?
Avalanche: Target highest interest rate (usually credit cards at 15-25%). Snowball: Target smallest balance for a quick psychological win.
How long will it take to be debt-free?
Depends on your debts and extra payments. Use this calculator to see your exact timeline. Most people can become debt-free in 2-5 years with focused effort.