Debt Payoff Calculator
Compare the debt snowball and avalanche methods to find the fastest path to debt freedom.
Total min payments: $550.00 / month. Total budget: $750.00 / month.
Snowball Method
Smallest balance first
Avalanche Method
Highest rate first
Interest saved with Avalanche vs Snowball
$0.00
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How it works
List your debts with balance, interest rate, and minimum payment. Set a total monthly budget. The tool simulates two strategies: Snowball (pay minimums on all, put extra cash toward the smallest balance first) and Avalanche (put extra cash toward the highest interest rate first). It shows months to payoff, total interest saved, and month-by-month progress for each strategy.
Common use cases
- Deciding whether to pay off the smallest debt (motivation) or highest-rate debt (math) first.
- Finding out exactly how many months until you are debt-free.
- Seeing how much interest you save by adding an extra £100/month.
Frequently asked questions
Which strategy is better — snowball or avalanche?
Avalanche saves more total interest. Snowball gives quicker motivational wins by eliminating accounts faster. The best strategy is whichever you will actually stick to.
Does this include new charges on credit cards?
No — the calculator assumes you stop adding new debt. If you continue spending on credit cards, the payoff timeline will extend.