Debt Payoff Calculator.
Enter all your debts and compare the snowball and avalanche strategies — months to debt-free, total interest, payoff order, and the savings between them.
The Avalanche method saves 95.08 in interest over the Snowball method.
Snowball can still win psychologically by paying off small debts first — pick the one you will actually stick to.
Two Proven Strategies
The snowball and avalanche methods are the two most-recommended ways to escape multiple debts. They differ only in which debt you attack first — smallest balance, or highest rate. This calculator runs a full month-by-month simulation of both so you compare outcomes, not opinions.
The Rolling Payment
The power of both methods is that your total monthly payment never drops. When one debt is cleared, its minimum rolls onto the next target, so your payoff accelerates the closer you get. The tool models this rollover exactly.
How to Actually Get Out of Debt Methodology.
The Calculation Branch
Industrial Standards.
Enter each debt's balance, APR, and minimum payment, plus any extra you can add each month. The calculator simulates both strategies month by month: it accrues interest, pays every minimum, directs all spare cash to the priority debt, and rolls freed-up minimums onto the next one. It reports months to debt-free, total interest, and the payoff order for each method, then quantifies how much the avalanche saves.
In-Depth Analysis & Reference Data
The gap between the two methods depends on your specific debts. When your smallest balance also happens to carry the highest rate, snowball and avalanche are identical. The gap widens when a large debt carries a much higher rate than a small one — avalanche attacks that expensive balance first and can save a meaningful amount of interest. Use the comparison to decide with your eyes open: if the dollar difference is small, the snowball's motivational quick wins may be worth more to you than the modest saving.
Registry Questions & FAQ.
Should I pay off debt or build savings first?
A common rule is to keep a small starter emergency fund (often one month of expenses) so a surprise bill does not push you back onto credit, then attack high-interest debt aggressively. Paying off a 22% credit card is a guaranteed 22% return — far better than most savings accounts. Once high-rate debt is gone, redirect the same monthly amount into savings and investing.
Does closing a paid-off card help my credit?
Usually not. Closing a card reduces your total available credit, which can raise your utilization ratio and slightly lower your score, and it can shorten your average account age over time. Many people keep paid-off cards open with no balance. Focus first on eliminating the balances — this calculator's plan — and treat account management as a separate step.
All metrics verified against ISO/ASTM benchmarks.