Debt payoff calculator
Plan how to clear several debts with the snowball or avalanche method.
Debt free in2 years 0 months
- Total interest
- USD 2,959
- Interest with snowball instead
- USD 3,231
- Avalanche (your choice)
- Snowball
Order the debts clear
| Debt | Cleared after (months) |
|---|---|
| Debt 1 | 13 |
| Debt 2 | 22 |
| Debt 3 | 24 |
- Each debt keeps its minimum payment. Your extra money, and the minimums of cleared debts, go to the next debt in line.
About this calculator
When you owe money in several places, the order you pay matters. The avalanche method pays the highest interest rate first and saves the most money. The snowball method pays the smallest balance first and gives quicker wins.
Enter your debts, add what extra you can spare each month, and compare both methods.
How it works
- Every debt gets its minimum payment each month.
- Any extra money goes to the debt chosen by your method.
- When a debt is cleared, its payment moves on to the next one.
Common questions
- Which method is better, snowball or avalanche?
- Avalanche usually costs less in interest. Snowball can keep you motivated because small debts disappear sooner. The calculator shows the interest difference.
- What if I have more than four debts?
- Group the smallest ones together, or run the calculator for your four biggest debts first.