A debt payoff calculator for the snowball and avalanche methods
This debt payoff calculator puts all your debts — credit cards, store cards, car loans, personal and student loans — into one plan. Enter each balance, its interest rate (APR) and its minimum payment, add whatever extra you can pay each month, and it shows when you will be debt-free, how much interest you will pay and the order in which each debt disappears.
It runs both popular methods side by side. The debt avalanche puts the extra money on the highest interest rate first, which costs the least interest. The debt snowball clears the smallest balance first, which gives quicker wins. Both are compared with paying only the minimums, with a balance chart, a month-by-month schedule and a CSV download. Everything runs in your browser; nothing you type is sent anywhere.
How to use the Debt Payoff Calculator
- Enter each debt’s name, balance, APR and minimum monthly payment. Press Add a debt for up to eight.
- Type the extra payment you can add every month on top of all the minimums — even a small amount helps.
- Choose Avalanche or Snowball. Leave Roll paid-off minimums ticked to keep paying the same total each month.
- Read the debt-free time, total interest and the savings against minimum payments, then compare all three plans in the table and chart.
- Open the Month-by-month schedule, or press Download schedule (CSV) to track it in Excel or Google Sheets.
Debt Payoff Calculator features
Snowball vs avalanche
Both methods and minimum-only payments compared on time, interest, total paid and the first debt cleared.
Extra payments and roll-over
Your extra amount, plus each paid-off debt’s minimum, moves to the next debt in line — the core of both methods.
Payoff order
Which debt is cleared in which month, and the interest each one costs.
Balance chart
Total owed over time for all three plans.
Schedule and CSV
Every month’s payment to each debt, the interest and the balance left, ready for a spreadsheet.
How the debt payoff plan is calculated
Each month the calculator adds interest of balance × APR ÷ 12 to every debt, pays each debt its minimum, then sends the rest of the monthly budget to the target debt. The budget is the sum of all the minimums plus your extra payment. When a debt is paid off, its minimum is rolled into the budget, so the payment on the next debt grows — the “snowball” that gives the method its name. If the target is cleared part-way through a month, the leftover money moves straight to the next debt.
The avalanche orders debts by APR, highest first; the snowball orders them by starting balance, smallest first (ties are broken by the higher rate). Minimum payments are held at the amount you enter, as most payoff planners do; a credit card’s real minimum falls as its balance falls, which makes “minimums only” slower still.
Worked example
The calculator opens with four debts — a $4,500 credit card at 24.99%, a $1,200 store card at 29.99%, a $9,800 car loan at 7.5% and a $3,000 personal loan at 12% — with $585 of minimums and $200 extra, $785 a month in all. Both methods clear the store card first: it has the highest rate and the smallest balance. After that the avalanche goes for the 24.99% card while the snowball takes the $3,000 loan. Both finish in 2 years 4 months (28 payments), but the avalanche costs $2,766.94 of interest and the snowball $3,024.72 — $257.77 more. Paying only the minimums takes 4 years 10 months and $5,928.89 of interest.
Snowball or avalanche: which should you choose?
- Avalanche always costs the same or less interest, because every extra pound, dollar or rupee goes to the most expensive debt first. Pick it if you will stick to the plan.
- Snowball usually costs a little more but closes accounts sooner, and many people find those early wins keep them going.
- If your smallest debt also has the highest rate, the two methods are identical.
- Whatever the method, the extra payment matters most. Avoid new borrowing on the cards you are paying off, and check a single card on its own with the credit card payoff calculator.
- Before taking a consolidation loan, compare its EMI and total cost with the personal loan calculator, and see how your payments compare with income in the debt-to-income ratio calculator.
Debt Payoff Calculator FAQ
What is the debt snowball method?
You pay the minimum on every debt and put all extra money on the smallest balance. When it is paid off, its payment rolls onto the next smallest, so the amount you pay on each new target keeps growing.
What is the debt avalanche method?
The same idea, but the extra money goes to the debt with the highest interest rate first. It saves the most interest and usually gets you debt-free at the same time or sooner.
How do I use the debt payoff calculator with extra payments?
Enter your debts, then type the extra amount you can pay each month in “Extra payment each month”. The plan, debt-free time and interest saved update at once, so you can try different amounts.
Can I use it as a debt calculator for credit cards?
Yes. Enter each card’s balance, APR and minimum payment from its statement. For one card, the credit card payoff calculator also shows the minimum-payment trap and interest after a missed due date.
Why does the calculator say my debts will not be paid off?
A minimum payment that is less than a debt’s monthly interest never reduces the balance. Raise the extra payment until the plan finishes, or ask the lender about a lower rate.
Is this financial advice?
No. It is an estimate based on the figures you enter, with fixed rates and payments. Your lenders’ statements are the final word.