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Debt Payoff Calculator
Free debt payoff calculator. Compare snowball and avalanche plans to become debt-free faster.
Frequently Asked Questions
What is the difference between the snowball and avalanche methods?
The snowball attacks the smallest balance first for quicker wins, while the avalanche attacks the highest APR first. The avalanche costs less in interest; the snowball clears individual debts sooner and can be easier to stick with.
How does the calculator decide the payoff order?
It pays every minimum each month, then sends all extra money to the target debt your chosen strategy picks. When one debt clears, its payment rolls into the next, which is the snowball effect.
Which method saves more money?
The avalanche method almost always costs less interest, though the gap is small when APRs are close. The calculator runs both and shows how much the other approach would cost.
What if my minimum payments barely cover the interest?
Then the balances shrink very slowly or grow, and the calculator warns you. Raising the monthly amount, consolidating at a lower rate, or negotiating with the lender can break the stall.