Debt Payoff Calculator
Compare avalanche vs snowball debt payoff strategies and calculate total interest savingsInputs
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What is this?
Debt payoff calculators compare two popular strategies: Avalanche (pay highest interest rate first - saves most money) and Snowball (pay smallest balance first - psychological motivation). Both strategies pay minimums on all debts while directing extra payments strategically.How to use
Enter each debt with its balance, interest rate, and minimum payment. Add your extra monthly payment amount. The calculator simulates both strategies month-by-month, showing you total interest paid and payoff timeline for each approach.Tips
- Avalanche saves the most money mathematically - prioritize this if you're disciplined
- Snowball provides quick wins - better if you need motivation from paying off accounts
- The difference is often 3-6 months and $500-2000 in interest for typical debt loads
- You can include your mortgage, but most people don't due to low interest rates (6-7%)
- Negotiate lower interest rates with creditors - even 2-3% reduction saves thousands
- Never pay less than minimums - your credit score will tank and late fees compound
- Avoid balance transfers unless 0% APR period is 12+ months (3-5% fee still applies)
- Consider side hustles specifically for debt payoff - extra $500/month cuts years off timeline
Disclaimer: This calculator provides estimates for informational purposes only and does not constitute financial advice. Actual results may vary based on lender terms, market conditions, and individual circumstances. Consult a qualified financial advisor before making financial decisions. See our full disclaimer for details.