Debt Payoff Calculator
How to use this calculator
- List each debt — balance, APR, and minimum monthly payment (up to 5).
- Enter an extra amount — money beyond minimums you can pay each month.
- Press Calculate — compare the avalanche method (highest APR first) with the snowball method (smallest balance first).
Avalanche vs snowball
Avalanche targets the highest interest rate first and usually costs the least in total interest. Snowball targets the smallest balance first, clearing debts faster for a psychological win. Both beat paying minimums only.
Worked example
Debts of $8,000 at 21.99%, $12,000 at 7.5%, and $5,000 at 11%, with $300 extra per month: the avalanche method typically clears everything fastest and cheapest — try your own numbers above to see the difference.
A note on advice
This calculator is educational and does not constitute financial advice. Figures are estimates based on the inputs you provide.
Frequently asked questions
Which method saves more money?
Usually the avalanche method, because it attacks the highest interest rate first. The difference grows with larger rate gaps between debts.
What if I can only pay minimums?
You will still become debt-free, but it takes much longer and costs far more in interest. Even a small extra monthly amount shortens the payoff substantially.
Are balance-transfer or consolidation options considered?
No. This calculator compares payoff order for your existing debts at their current rates.
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