Debt Payoff Calculator
Enter your debts below and compare snowball vs. avalanche payoff strategies. See exactly when you will be debt-free, how much interest you will pay, and get a month-by-month payment schedule.
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Enter your debts
Name, balance, APR, and minimum payment for each.
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Set extra payment
Any amount above minimums you can put toward debt.
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Compare strategies
See avalanche vs. snowball side-by-side.
Frequently Asked Questions
- What is the difference between the avalanche and snowball methods?
- The avalanche method targets the debt with the highest interest rate first, which minimizes total interest paid. The snowball method targets the smallest balance first, giving you quick wins that build momentum. Both assume you make minimum payments on all debts and put any extra money toward the priority debt.
- Which debt payoff method saves the most money?
- The avalanche method (highest rate first) always saves the most in total interest. However, research from the Harvard Business Review found that the snowball method keeps people more motivated because eliminating a debt entirely feels like a win. The best method is the one you will actually stick with.
- How does paying off debt affect my FICO score?
- Paying off revolving debt (credit cards) can significantly improve your FICO score by lowering your credit utilization ratio, which is 30% of your score. Paying off installment loans (car loans, personal loans) has a smaller effect. Avoid closing old credit card accounts after paying them off, as that can reduce your credit age and available credit.
- Should I pay off debt or save money first?
- Most financial advisors recommend keeping a small emergency fund ($500 to $1,000) before aggressively paying off high-interest debt. After that, focus on debt with interest rates above 7-8%, since investment returns historically average around that range. Low-interest debt (like a mortgage at 3-4%) can be paid on schedule while you invest.
- How much extra should I pay toward my debt each month?
- Any amount above your minimums helps. Even an extra $50 per month can save hundreds or thousands in interest over the life of your debt. Use this calculator to see the exact impact of different extra payment amounts on your payoff timeline.