How to use the Debt Payoff Calculator tool
3 simple steps · under a minute
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List your debts
Enter the balance, APR and minimum payment of each credit card or loan. Leave unused debts at 0.
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Add an extra payment
Enter any money you can put towards debt on top of the minimum payments.
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Compare the methods
See your debt-free date and total interest for both the snowball and avalanche methods.
About Debt payoff calculator
The debt snowball pays off your smallest balance first for quick wins, then rolls that payment into the next debt. The debt avalanche targets the highest interest rate first, which always saves the most money. This debt payoff calculator runs both on your real numbers so you can choose.
Enter each credit card, car loan, personal loan or medical bill with its balance, APR and minimum payment, then add any extra amount you can afford each month. The calculator pays the minimums, puts the extra on the target debt, and rolls each freed-up payment forward until you are debt-free.
Snowball vs avalanche
Compares both popular strategies side by side, with the interest each one costs.
Debt-free date
Shows how long it takes to clear all your debts and the order they are paid off.
Rolls payments forward
When one debt is paid off, its payment rolls into the next one — exactly how the methods work.
Frequently asked questions
What is the debt snowball method?
You pay the minimum on every debt and put any extra money on the smallest balance. When it is paid off, its payment moves to the next smallest, building momentum like a snowball.
What is the debt avalanche method?
You put extra money on the debt with the highest interest rate first. It costs less interest overall than the snowball method.
Which is better, snowball or avalanche?
The avalanche saves the most money. The snowball gives quicker wins that help many people stay motivated. The best method is the one you will stick with.
How much extra should I pay?
Any amount helps. Even $50–$100 a month on top of the minimums can cut months or years from your payoff.
Is this financial advice?
No. It is an estimate that assumes fixed rates and no new borrowing.