Debt Payoff Calculator
Compare debt avalanche and debt snowball payoff methods side-by-side using balances, APRs, minimum payments, and extra monthly payment.
Debts
Enter each debt balance, APR, and minimum monthly payment. Blank rows are ignored.
Debt Payoff Comparison
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Debt Avalanche
Targets the highest APR first to reduce interest cost.
Debt Snowball
Targets the smallest balance first for faster early wins.
This calculator provides an estimate only. Actual payoff results may differ because of statement dates, compounding rules, changing APRs, late fees, promotional rates, balance transfers, new purchases, payment timing, and lender-specific minimum payment rules.
Use this Debt Payoff Calculator to compare the debt avalanche and debt snowball methods. Enter each debt’s balance, APR, minimum payment, and any extra amount you can pay each month.
Important: The results are estimates. Actual payoff dates and interest can differ because lenders may calculate interest and minimum payments differently.
Debt Payoff Calculation Method
The calculator estimates each debt month by month.
Monthly interest rate = APR ÷ 12 ÷ 100
Monthly interest = current balance × monthly interest rate
New balance = current balance + interest − payment
The total monthly amount available for repayment is:
Total monthly payment = total minimum payments + extra monthly payment
Debt Avalanche
Make the minimum payment on every debt, then direct the extra payment toward the debt with the highest APR. After that debt is paid off, its payment is redirected to the next highest-rate debt.
This method generally minimizes total interest when the debts and payment amounts remain otherwise unchanged.
Debt Snowball
Make the minimum payment on every debt, then direct the extra payment toward the debt with the smallest balance. After it is paid off, that payment is redirected to the next smallest debt.
This method may provide faster early payoff milestones, although it can cost more interest when higher-rate debts remain unpaid longer.
Example
Suppose you have:
- Debt A: $4,000 balance, 22% APR, $120 minimum payment
- Debt B: $2,000 balance, 18% APR, $70 minimum payment
- Debt C: $6,000 balance, 10% APR, $180 minimum payment
- Extra monthly payment: $200
Total starting debt = $12,000
Total minimum payments = $370
Total monthly payment = $370 + $200 = $570
With the avalanche method, the extra payment targets Debt A first because it has the highest APR:
Debt A → Debt B → Debt C
With the snowball method, the extra payment targets Debt B first because it has the smallest balance:
Debt B → Debt A → Debt C
Important Notes
- Use current balances, APRs, and required minimum payments from your latest statements.
- Continue making at least the required minimum payment on every debt.
- Paying more than the minimum can generally reduce payoff time and interest cost.
- Credit card interest may be calculated daily rather than with the simplified monthly method used by the calculator.
- Minimum payments can change as balances change.
- Promotional APRs, deferred-interest offers, balance transfers, fees, late payments, new purchases, and variable rates can significantly change the actual payoff result.
- Confirm how your lender applies extra payments, especially for installment loans or accounts with multiple balance types.
- The calculator does not provide debt settlement, bankruptcy, legal, or individualized financial advice.
If you are unable to make required payments or are experiencing serious debt problems, consider contacting your creditors or a reputable credit counselor rather than relying only on a payoff projection.