Debt Payoff Calculator — Snowball vs Avalanche
Compare both debt payoff strategies and find your debt-free date.
Your Debts
Amount above minimum payments you can put toward debt each month
How Both Methods Work
Snowball
Pay minimums on all debts. Put all extra money on the smallest balance first. Builds quick wins and motivation.
Avalanche
Pay minimums on all debts. Put all extra money on the highest interest rate first. Minimizes total interest paid.
Frequently Asked Questions
Which method should I choose?
Research shows the avalanche method saves more money mathematically. However, the snowball method has higher completion rates because quick wins (eliminating small debts) keep people motivated. Choose based on your personality: numbers-driven → avalanche; motivation-driven → snowball.
What if I can't afford even minimum payments?
If minimum payments exceed your budget, consider calling creditors to negotiate hardship plans, debt management plans through non-profit credit counselors, or consulting a bankruptcy attorney as a last resort.
Does extra monthly payment really matter?
Yes — dramatically. Even $100/month extra on a $10,000 debt at 20% can reduce payoff time by years and save thousands in interest. This calculator shows the exact impact.
Last reviewed: October 2024
Sources:
Debt avalanche & snowball methods
Projections assume fixed minimum payments. Contact your lender for exact payoff figures.