Debt Payoff Calculator
Create a debt payoff plan using the snowball or avalanche method. Compare strategies and see your path to becoming debt-free.
Payoff Results
Debt-Free Date
Jan 2027
24 months from now
Total Debt
$0
Total Interest
$0
Monthly Payment
$0
Months to Payoff
0
Remaining Debt
Snowball vs Avalanche Comparison
Snowball Method
Payoff Time
-- months
Total Interest
$--
Total Paid
$--
Avalanche Method
Payoff Time
-- months
Total Interest
$--
Total Paid
$--
Avalanche Saves You
$0
in interest over the life of your debt
Debt Payoff Timeline
Monthly Payment Schedule
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Understanding Debt Payoff Strategies
Debt Snowball Method
Pay off debts from smallest to largest balance. You make minimum payments on everything except your smallest debt, which gets all your extra money. Quick wins keep you motivated as debts disappear faster.
Debt Avalanche Method
Pay off debts from highest to lowest interest rate. This mathematically optimal approach minimizes total interest paid, saving you the most money over time, though first payoffs may take longer.
Maximize Extra Payments
Every extra dollar you pay goes directly to principal, dramatically reducing your payoff time. Even small increases like $50/month can save thousands in interest and cut years off your debt.
Stay Consistent
The best debt payoff plan is the one you stick to. Whether you choose snowball or avalanche, consistency is key. Automate payments when possible and celebrate milestones along the way.
Frequently Asked Questions
The debt snowball method prioritizes paying off debts from smallest balance to largest, regardless of interest rate. You make minimum payments on all debts except the smallest, which gets all extra money. Once the smallest is paid off, you roll that payment into the next smallest debt. This method provides psychological wins through quick victories, keeping you motivated throughout your debt payoff journey.
The debt avalanche method prioritizes paying off debts from highest interest rate to lowest. You make minimum payments on all debts and put extra money toward the highest-interest debt first. This mathematically optimal approach saves the most money on interest over time, though it may take longer to see your first debt eliminated if your highest-rate debt has a large balance.
The debt avalanche method saves more money mathematically by minimizing total interest paid. However, the debt snowball method can be more effective psychologically because quick wins keep you motivated. Studies show that people using snowball are more likely to stick with their debt payoff plan. Choose avalanche if you're disciplined and want to save money, or snowball if you need motivation from early victories.
Pay as much extra as your budget allows while maintaining an emergency fund. Even $50-100 extra per month can significantly reduce your payoff time and interest paid. Review your budget to find areas to cut, consider temporary side income, and use windfalls like tax refunds or bonuses. The more extra you pay, the faster you become debt-free and the more interest you save.