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Paying off debt can feel overwhelming, but having a strategy makes all the difference. This calculator compares the two most popular methods: the avalanche method (highest rate first) and the snowball method (lowest balance first).
Debt Payoff Calculator
Your Debts
Additional amount beyond minimum payments
| Strategy | Payoff Time | Total Interest | Payment Order |
|---|---|---|---|
| Avalanche (Recommended) | 4 years | $3,715.78 | Credit Card → Student Loan → Car Loan |
| Snowball | 4 years | $3,715.78 | Credit Card → Student Loan → Car Loan |
Results
Avalanche Payoff Time
4 years
Avalanche Total Interest
$3,715.78
Snowball Payoff Time
4 years
Snowball Total Interest
$3,715.78
Interest Saved (Avalanche)
$0.00
Months Saved (Avalanche)
0 months
Visualization
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How It Works
The avalanche method targets the highest-interest debt first, minimizing total interest paid. The snowball method targets the smallest balance first, providing quicker psychological wins. Both redirect freed-up payments to the next debt.
Formula
Each month: Apply minimums to all debts, then direct extra payment to target debt (highest rate for avalanche, lowest balance for snowball)Assumptions
- Minimum payments remain constant
- No new debt added
- Interest rates are fixed
- Freed-up payments roll to next debt
Frequently Asked Questions
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