Free · Multiple debts · Snowball or avalanche
Debt payoff calculator
List every debt you owe and see your exact debt-free date. Compare snowball (smallest first) and avalanche (highest APR first) to find your cheapest, fastest path out.
Snowball vs Avalanche — our 1,000-profile study · Snowballr Research · /research/debt-snowball-vs-avalanche-1000-scenarios
Avalanche wins on interest in 84% of profiles · median savings $1,200–$3,500
We simulated 1,000 realistic multi-debt profiles. Avalanche beat snowball on total interest in 84% of cases, with a median savings of $1,200–$3,500 over the full payoff. Where snowball won (16%), it was almost always profiles dominated by low-APR student debt.
We surface our own simulation data here instead of repeating the 'mathematically avalanche / behaviorally snowball' platitude — see the linked study for methodology.
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, dump extras on the smallest balance. Fast psychological wins; you'll quit fewer plans.
- Avalanche: minimums on all, extras on the highest APR. Mathematically optimal — saves the most interest.
- The gap: on typical debt mixes, avalanche saves $500–$2,000 over snowball. Pick the method you'll actually stick with for 24+ months.
Steps that work
- List every debt: balance, APR, minimum payment
- Build a $1,000 starter emergency fund first (prevents new debt during payoff)
- 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: debt-free in ~5 years. Snowball order: store → CC → medical → auto → student. Avalanche order: store → CC → auto → student → medical.
Debt Payoff Calculator FAQ
Should I pay off all debts or just high-interest?
All of them eventually, but stop investing beyond the 401(k) match if any debt exceeds 6–7% APR. Mortgage at 3–4%: keep paying minimum, invest the extra. Credit cards at 22%: nuke them before touching investments.
Will paying off debt boost my credit score?
Yes — by lowering utilization, which is 30% of your FICO score. Paying down a credit card from 90% to 30% utilization typically adds 30–60 points within one billing cycle. Closing the account after payoff has the opposite effect; keep it open with $0 balance.
Should I consolidate debt?
Personal loan or balance transfer card at 0% intro can work, but only if you actually pay it off in the intro period and don't reload the original cards. Studies show 50%+ of consolidators carry debt on both new loan and old cards within 2 years.
What about debt settlement or bankruptcy?
Last resorts. Settlement (negotiating down balances) tanks your credit for 7 years and the forgiven amount is taxed as income. Chapter 7 bankruptcy stays 10 years on credit but wipes most unsecured debt. Consider only if you can't realistically pay off in 5 years.
Should I use my emergency fund to pay debt?
Keep a $1,000 starter fund minimum during payoff. Wiping it out invites the next emergency to land on a credit card and restart the cycle. Build the full 3–6 month fund AFTER you're debt-free.
How long does it typically take to get debt-free?
Median: 18–30 months for households with $10–30k in unsecured debt and an extra $300–500/month committed. Faster with bigger extras, slower with higher balances. Most people overestimate income and underestimate timeline — plan for 50% longer than your first estimate.
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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.
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