Debt Payoff Calculator
| Name | Balance | Rate | Min Payment | |
|---|---|---|---|---|
$ | % | $ | ||
$ | % | $ | ||
$ | % | $ |
Extra Monthly Payment$
Total Debt
$50,000
Interest (Avalanche)
$6,160
Interest (Snowball)
$6,160
Savings w/ Avalanche
$0
Payoff (Avalanche)
4yr 8mo
Payoff (Snowball)
4yr 8mo
Remaining Balance Over Time
Avalanche Snowball
AvalancheSnowball
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Payoff Schedule
Avalanche
| Month | Debt Paid Off | Total Paid | Interest |
|---|---|---|---|
| 9 | Credit Card | $5,440 | $440 |
| 26 | Car Loan | $16,221 | $1,221 |
| 56 | Student Loan | $34,499 | $4,499 |
Snowball
| Month | Debt Paid Off | Total Paid | Interest |
|---|---|---|---|
| 9 | Credit Card | $5,440 | $440 |
| 26 | Car Loan | $16,221 | $1,221 |
| 56 | Student Loan | $34,499 | $4,499 |
Methodology
Avalanche (Highest Interest First)
Pay minimums on all debts, then apply extra payment to the debt with the highest interest rate. Mathematically optimal — minimizes total interest paid.
Snowball (Smallest Balance First)
Pay minimums on all debts, then apply extra payment to the debt with the smallest remaining balance. Provides psychological wins by eliminating debts faster, even if total interest is slightly higher.
Monthly interest = balance × (annual rate / 12). When a debt is paid off, its minimum payment is redirected to the next target.