Free calculator
Debt Payoff Calculator
Enter your debts to compare the snowball and avalanche methods, and see how much faster extra payments get you to zero.
Snowball (smallest balance first)
4 yr 2 mo
Interest paid: $1,802
Avalanche (highest rate first)
4 yr 2 mo
Interest paid: $1,802
Both methods cost about the same here, so choose whichever keeps you motivated.
Estimates only, not personalized advice. Real payoff depends on your exact rates, fees, and payment timing.
What the terms mean
APR (Annual Percentage Rate) is the yearly interest rate on a debt, in other words, how much it costs you to owe that money for a year. The higher the APR, the faster the debt grows and the more it costs you. Credit cards often have a high APR (think 19 to 25 percent), while car loans and mortgages are usually much lower. You will find the APR on your statement or in your online account. Enter it for each debt so the calculator can work out which balance is costing you the most.
Minimum payment is the smallest amount your lender requires you to pay each month. Extra monthly payment is anything you add on top, and it is the single biggest lever for getting out of debt faster.
Snowball vs avalanche
The snowball method pays off your smallest balance first for quick, motivating wins. The avalanche method targets your highest APR first to save the most money. Both work, the best one is the one you will stick with.
Want the full breakdown? Read Debt Snowball vs Avalanche.
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