Debt Payoff Calculator
Enter your debts once and see exactly when you'll be free of them. Compare the snowball and avalanche methods side by side, and watch how much interest an extra payment really saves.
This plan saves you $4,873 in interest and gets you out of debt 3 yrs 10 mo sooner.
Avalanche vs. Snowball for your debts
| Time | Interest | |
|---|---|---|
| Avalanche | 2 yrs 7 mo | $3,177 |
| Snowball | 2 yrs 7 mo | $3,369 |
Avalanche always costs the least interest. Snowball gives you a paid-off debt sooner, which helps some people stay motivated. The gap for your numbers is $192.
Your payoff order (avalanche)
- Store card
- Credit card
- Car loan
- Medical bill
Turn this plan into a spreadsheet you'll actually use
The MoneyMapped Toolkit tracks every payment, updates your debt-free date automatically, and celebrates each debt you knock out. Built in Google Sheets and Excel.
Snowball vs. avalanche, in plain English
There are two proven ways to attack multiple debts. The avalanche method orders your debts by interest rate and throws every spare dollar at the most expensive one. It always wins on total interest. The snowball method ignores rates and goes after your smallest balance first, so you clear a whole debt quickly and feel the momentum. Both beat paying minimums by a wide margin, which is the real lesson the calculator above makes obvious.
How to use this calculator
- Enter each debt's balance, interest rate (APR), and minimum monthly payment.
- Set the extra amount you can add on top of your minimums each month.
- Toggle between avalanche and snowball to compare the payoff date and total interest.
- Note the interest you save versus paying only the minimums, then start with debt #1.
Frequently asked questions
What is the debt avalanche method?
The avalanche method puts every extra dollar toward your highest-APR debt first while paying minimums on the rest. Because it kills the most expensive interest first, it always costs you the least money overall.
What is the debt snowball method?
The snowball method targets your smallest balance first, regardless of interest rate. You get a debt fully paid off sooner, and that early win keeps many people motivated. It usually costs a little more interest than avalanche.
Which is better, snowball or avalanche?
Avalanche is mathematically cheaper. Snowball is psychologically easier. This calculator shows both for your exact debts so you can see the real dollar difference and decide which trade-off is worth it to you.
How does an extra monthly payment help?
Every extra dollar goes straight to principal on your target debt, so it skips all the future interest that dollar would have accrued. Move the extra-payment slider to watch your debt-free date and total interest drop.
MoneyMapped provides educational tools, not financial advice. Results are estimates based on the numbers you enter and assume fixed rates and payments.