Debt Payoff Calculator

The debt snowball method is a debt payoff strategy where you list all debts from smallest balance to largest and make minimum payments on everything while putting every extra dollar toward the smallest balance. Once it's paid off, you roll that payment into the next smallest, building momentum like a snowball.

The debt avalanche method prioritizes debts by interest rate instead of balance. You make minimum payments on all debts and put extra money toward the highest-interest-rate debt first. Once it's paid off, you roll that payment to the next highest rate. Mathematically, this saves the most money.

The debt avalanche method mathematically saves the most money because you're eliminating high-interest debt first. However, the debt snowball method often works better psychologically because paying off a small debt quickly provides immediate motivation to keep going.

Enter all your debts (balance, interest rate, and minimum payment) plus any extra monthly amount you can put toward debt. The calculator will determine payoff order, total months, and your estimated debt-free date. We update results in real time as you adjust numbers.

The rollover method is the mechanism behind both snowball and avalanche success. When you pay off a debt, you take that debt's minimum payment and add it to the extra you're paying on the next debt. This accelerates your payoff without increasing your actual budget.

For this calculator, we recommend entering only credit cards, personal loans, car loans, and student loans. Including your mortgage complicates the calculation because it's a long-term secured debt with different payoff dynamics. Enter only the principal and interest portion of a mortgage if you do include it.

Start with whatever you can realistically afford beyond minimum payments. Even $25-50 extra per month makes a significant difference over time. If you're expecting a tax refund, bonus, or any irregular income, you can add a one-time extra payment by increasing the amount temporarily.

No — enter your debts in any order. The calculator automatically sorts them based on the method you choose. For snowball, it reorders smallest to largest balance. For avalanche, it reorders highest to lowest interest rate.

Your minimum payment is the contractual amount required to avoid penalties. Paying only the minimum costs the most in interest over time. Every dollar above the minimum goes directly to principal and dramatically reduces total interest paid and time to payoff.

Yes. While snowball and avalanche focus on one debt at a time, you can make extra payments to multiple debts simultaneously. The calculator shows you the mathematically optimal order but you can always make additional payments on other debts.