Debt Payoff Calculator

The debt snowball method pays off debts from smallest balance to largest, regardless of interest rate. Once the smallest debt is paid off, its payment amount rolls into the next smallest debt, creating momentum.

The debt avalanche method pays off debts from the highest interest rate to the lowest. This approach minimizes the total interest paid over time, making it the mathematically optimal strategy.

The avalanche method typically saves more money on interest. However, the snowball method provides psychological wins by eliminating smaller debts faster, which helps some people stay motivated.

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This calculator provides estimates based on fixed monthly payments and interest rates. Actual results may vary due to compounding methods, rate changes, fees, or additional charges from your lender.