Finance
Debt Payoff Calculator
Compare snowball vs avalanche payoff plans across all your debts. See months to debt-free, total interest, and how much you save with extra payments.
Your debts
Name
Balance ($)
Rate (%)
Min/mo ($)
Strategy
Debt-free in
2 yr 11 mo
35 months total
Total paid
$27,287
Total interest
$4,087
Interest saved vs minimums
$4,042
Adding the extra payment pays you off 19 months sooner than minimums alone.
Payoff order
- 1. Credit cardpaid off month 24 | interest $1,602
- 2. Personal loanpaid off month 28 | interest $781
- 3. Auto loanpaid off month 35 | interest $1,704
Frequently Asked Questions about the Debt Payoff Calculator
Snowball vs avalanche: which one should I pick?
Avalanche (highest interest rate first) always costs less in total interest, sometimes by hundreds or thousands of dollars. Snowball (smallest balance first) clears individual debts faster early on, which helps some people stay on plan. If you have quit a payoff plan before, start with snowball. If you have not had that problem, pick avalanche and keep the savings.
When does the snowball actually beat the avalanche?
On math alone it never does, because avalanche always wins on total interest paid. Snowball wins in practice when early momentum keeps you on the plan long enough to finish. If your smallest debt clears in two or three months, that quick win can matter more than the extra interest you pay along the way.
When is avalanche clearly the right call?
When one debt carries a much higher rate than the others, say a 24% credit card next to a 7% car loan, the interest savings from targeting that card first add up quickly. Avalanche also has a stronger edge when all your balances are roughly the same size, since snowball loses its motivational advantage when no single debt closes fast.
What is the average credit card APR right now?
US credit card APRs average around 21% across all accounts, per the latest Federal Reserve data, and the rate is closer to 21.5% for accounts that carry a balance. Store-branded cards average about 30%, with many above that. Those rates are why credit cards land at the top of an avalanche plan in almost every scenario.
Should I consolidate my debts instead?
It depends on whether you can get a genuinely lower rate. A balance-transfer card with a 0% intro period, or a personal loan at a rate below your highest-rate card, reduces the interest that accrues while you pay down the balance. Consolidation only helps if the new rate (including origination or transfer fees) is lower than what you are paying now, and you stop adding new charges to the accounts you cleared.