Debt Payoff Calculator
Compare snowball vs avalanche methods, calculate interest savings, and create your personalized debt freedom plan.
Your Debts
Snowball
Smallest balance first
Avalanche
Highest rate first
Master Your Debt: Payoff Strategies
Debt Snowball
Pay smallest balances first for quick psychological wins. Great for motivation and building momentum.
Debt Avalanche
Pay highest interest rates first to minimize total interest. Mathematically optimal for saving money.
Compound Interest
Credit cards compound daily. Early payments reduce your average daily balance and save money.
Frequently Asked Questions
The debt snowball method pays off debts from smallest to largest balance. You make minimum payments on all debts, then put extra money toward the smallest debt first. Once paid, you roll that payment into the next smallest.
The debt avalanche method pays off debts from highest to lowest interest rate. This minimizes total interest paid over time, potentially saving thousands compared to other methods.
Choose snowball if you need motivation from quick wins. Choose avalanche if you want to minimize total interest. The best method is the one you'll stick with consistently.
Your Results
Total Debt
Total Interest
Interest Saved
Monthly Payment
Extra Payment Simulator
Snowball
Debt-free: --
Interest: --
Avalanche
Debt-free: --
Interest: --
Payoff Order
Top Debt Consolidation Options
| Lender | APR | Amount | Rating | |
|---|---|---|---|---|
| SoFi | 7.99% - 23.43% | $5K - $100K | 4.8 | |
| LightStream | 7.49% - 25.49% | $5K - $100K | 4.7 | |
| Discover | 7.99% - 24.99% | $2.5K - $40K | 4.6 |
Get a Free Debt Management Plan
Speak with a certified credit counselor for a personalized plan.