Free · Multiple debts · Snowball or avalanche
Debt payoff calculator
List every debt you owe and compare modeled debt-free dates, total interest and payoff order. Snowball and avalanche can produce different results under the same balances, rates, minimums and extra payment.
Snowball vs Avalanche — our 1,000-profile study · Snowballr Research · /research/debt-snowball-vs-avalanche-1000-scenarios
Avalanche lowers interest in 77.6% of fully repaid pairs · median gap $398
Our corrected synthetic simulation keeps the same monthly budget for both methods. Among 994 fully repaid pairs, avalanche costs at least $1 less in 771; 223 differ by less than $1. The 6 unfinished profiles are excluded. These scenarios do not estimate typical household savings or motivation.
The linked study documents the assumptions, correction and exact starting debts for every generated profile. Compare both methods with your own inputs.
Strategy
Choose your payoff method
Your debts
4 debts · Total: $35,800
53% utilization
63% utilization
$200
Applied on top of minimum payments to accelerate the snowball
Debt-free in
3y 11m
Interest paid
$4,815
Total paid back
$40,615
Comparison
Snowball vs Avalanche
❄️ Snowball
Time:3y 11m
Interest:$4,815
🏔️ Avalanche
Time:3y 11m
Interest:$4,730
💡 Avalanche saves you $85 in interest, but snowball gives faster psychological wins.
Payoff order
When each debt disappears
Snowball vs avalanche
- Snowball: pay minimums on all debts and direct extra money to the smallest balance. Earlier account milestones may make the plan easier to maintain for some borrowers.
- Avalanche: pay minimums on all debts and direct extra money to the highest APR. Under fixed rates and payments, this ordering minimizes modeled interest.
- The gap: calculate both methods with your balances, APRs, minimums, extra payment and any rate changes. Choose a plan you can maintain without missing required payments.
Steps that work
- List every debt: balance, APR, minimum payment
- Keep a liquid reserve that fits your essential costs and risks before sending every available dollar to debt
- Pay all minimums; commit a fixed extra (e.g., $300/month) to one debt
- When that debt clears, roll its minimum + extras into the next debt
- Final debt benefits from the entire snowball — it pays off fastest
Sample 5-debt payoff
| Debt | Balance | APR | Minimum |
|---|---|---|---|
| Store card | $800 | 28% | $25 |
| Credit card | $4,200 | 22% | $95 |
| Medical bill | $2,500 | 0% | $100 |
| Auto loan | $11,000 | 7% | $255 |
| Student loan | $22,000 | 6.5% | $215 |
With $400 extra/month committed, this is an illustrative schedule. The exact payoff date and interest depend on payment posting, rate changes, fees and how the lender applies extra payments.
Debt Payoff Calculator FAQ
Should I pay off all debts or just high-interest?
Keep every required payment current, then compare the known interest saving with employer matches, taxes, fees, liquidity and investment risk. There is no universal APR cutoff; use the calculator with your actual debts and plan rules.
Will paying off debt boost my credit score?
Paying down revolving balances can reduce reported utilization, but the score change and timing depend on the rest of your credit file, the reporting date and the scoring model. Closing an account can also change utilization and account-age factors; check the issuer and credit-report details before acting.
Should I consolidate debt?
A personal loan or balance-transfer offer can change the rate, fees, payment and payoff date, but the result depends on the written terms and whether new balances are avoided. Compare the complete offer and model the post-promotional rate before consolidating.
What about debt settlement or bankruptcy?
Debt settlement and bankruptcy have legal, credit and tax consequences that depend on the program and your situation. Review current CFPB, IRS and court guidance and speak with a qualified nonprofit counselor or attorney before choosing either path.
Should I use my emergency fund to pay debt?
Keep enough liquid cash for foreseeable essential costs and household risks before making an aggressive extra payment. The appropriate reserve varies by income stability, dependents, insurance and access to other funds.
How long does it typically take to get debt-free?
There is no useful universal timeline. Enter every balance, APR, minimum and extra payment, then test a lower-payment case for income changes, fees and rate changes. Treat the result as a schedule under stated assumptions rather than a promise.
Related calculators
Methodology and editorial standards
Each calculator uses its own inputs and method. Review the labels, units and assumption notes shown with the result. Costs, taxes, fees, benefits and other factors are not modeled unless the page or calculator explicitly says they are. A fixed-rate projection is a scenario, not a forecast or personalized recommendation.
The editorial standards explain how Snowballr reviews calculators and sources. The sources index links to references used across the site. To report an error or suggest a correction, use the contact page.