| Minimums Only | Your Plan | |
|---|---|---|
| Payoff time | — | — |
| Total interest | — | — |
| Total repaid | — | — |
Your payoff order
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How to pay off debt faster
The biggest lever you control is your monthly payment. Even a modest extra amount can cut months or years off your payoff timeline — and once one debt is cleared, its entire minimum payment rolls onto the next one, which is why later debts tend to disappear much faster than the first.
Avalanche vs. snowball, side by side
Avalanche: Pay minimums on everything, throw every extra dollar at your highest-interest debt first. Mathematically optimal — saves the most money, period.
Snowball: Pay minimums on everything, throw every extra dollar at your smallest balance first. Usually costs a bit more in interest, but you clear individual debts faster — which is often the difference between sticking with a plan and abandoning it.
Which one fits you
Choose avalanche if you're disciplined about the long game and the math matters more to you than quick wins. Choose snowball if you've tried paying down debt before and lost motivation partway through — the early wins matter more than the extra bit of interest.
A real example
Three debts totaling $24,800 — a $12,000 credit card at 24% APR, a $6,000 personal loan at 12%, and a $6,800 auto loan at 7% — with $650/month in combined minimum payments and $150/month extra:
| Payoff Time | Interest Paid | |
|---|---|---|
| Minimums only | 82 months | $14,885 |
| Avalanche (+$150/mo) | 42 months | $7,733 |
| Snowball (+$150/mo) | 43 months | $9,335 |
Both strategies cut the payoff time roughly in half — from 82 months down to 42-43 — just by adding $150/month on top of the minimums. Avalanche saves about $1,600 more in interest here, since it clears the 24% credit card first instead of the smaller-but-cheaper personal loan — but the gap between the two strategies (1 month, ~$1,600) is far smaller than the gap between doing nothing extra and picking either one. For the full breakdown of when each strategy fits you best, see our Snowball vs. Avalanche guide.
What this calculator assumes
Interest compounds monthly and accrues on the remaining balance. Minimum payments and interest rates are treated as fixed for the full payoff period. When a debt is paid off, its full minimum payment is added to your extra payment and applied to the next debt in your chosen order. Real-world factors not modeled here: variable APRs, late fees, promotional rate periods, and lender-specific payment allocation rules. This tool is for educational planning, not a guarantee of your actual payoff timeline.
Frequently asked questions
What's the difference between debt snowball and debt avalanche?
Avalanche pays minimums on everything and puts every extra dollar toward your highest-interest-rate debt first — mathematically optimal, saves the most money. Snowball puts every extra dollar toward your smallest balance first — usually costs a little more in interest, but clears individual debts faster, which helps a lot of people stick with the plan.
How does the extra payment move between debts?
Once your first target debt is fully paid off, its entire minimum payment amount gets added to your extra payment pool and rolls onto the next debt in your chosen order. This rolling effect is what makes later debts disappear much faster than the first one.
Should I pay off debt or invest?
Generally, if your debt's interest rate is higher than what you'd reasonably expect to earn investing, prioritize paying off the debt first. High-interest debt like credit cards usually should be paid off before investing.
What if my payment doesn't cover the interest on a debt?
If a debt's minimum payment is too low to cover its accruing interest, that balance will never decrease on its own. This calculator will flag that debt so you know it needs a higher payment or should become your top priority.