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Debt Payoff Calculator (Snowball & Avalanche)
Snowball or avalanche plan for several debts: payoff order, debt-free date and interest saved.
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This debt payoff calculator builds a plan to pay off several debts at once – credit cards, store cards, car loans, personal and student loans. Choose the debt snowball (smallest balance first) or the debt avalanche (highest interest rate first), add any extra money you can put toward debt each month, and see your debt-free date, the order each debt is paid off and how much interest you save compared with paying only the minimums.
How to Use the Debt Payoff Calculator
- List each debt with its balance, APR and minimum payment. Use Add debt for more rows.
- Enter the extra amount you can pay each month on top of all the minimums.
- Choose snowball or avalanche and compare the results.
How the Plan Works
Each month every debt gets its minimum payment. The extra money goes to the target debt – the smallest balance (snowball) or the highest APR (avalanche). When a debt is paid off, its minimum payment is added to the extra and "rolls" to the next debt, so the amount attacking your debt grows over time while your total monthly budget stays the same.
Example: Four Debts, $200 Extra a Month
A credit card ($4,500 at 24.9%), a store card ($1,200 at 17.9%), a personal loan ($6,000 at 13%) and a car loan ($12,000 at 7.5%) total $23,700 with $695 of minimum payments. Adding $200 a month ($895 in all):
| Plan | Debt-free in | Total interest |
|---|---|---|
| Avalanche (highest APR first) | 2 yrs 7 mos | $3,650 |
| Snowball (smallest balance first) | 2 yrs 7 mos | $3,756 |
| Minimum payments only | 4 yrs 10 mos | $6,649 |
The $200 extra cuts more than 2 years and about $3,000 of interest. Here the avalanche saves $106 more, while the snowball pays off the store card in 6 months – a quick win that keeps many people motivated.
Snowball vs Avalanche: Which Is Better?
- Avalanche always costs the least interest, because the most expensive debt goes first. It is the mathematically best choice.
- Snowball clears small debts fast. Research suggests early wins help people stick with a plan, which can matter more than a small interest difference.
When your smallest debt also has the highest rate, both methods are the same. Whichever you choose, the most important steps are to stop adding new debt and to keep paying the same total every month.
Speed Up Your Plan
- Put windfalls – tax refunds, bonuses, side income – toward the target debt.
- Lower your rates with a balance transfer or a lower-rate consolidation loan.
- Build a small emergency fund ($1,000 or one month of expenses) first so surprises don't go on a card.
- Check a single card in detail with the credit card payoff calculator.
Sources
- CFPB – Debt collection: know your rights
- FTC – How to get out of debt
- Federal Reserve – Report on the Economic Well-Being of U.S. Households
Last reviewed: October 2026 by the ShrinkBee team. Results are estimates for planning and education, not financial, tax, legal or medical advice.
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