Debt Payoff Calculator
Compare debt snowball and avalanche strategies to find the fastest way to become debt-free. Enter your debts below and see how extra payments can accelerate your payoff timeline.
Your Debts
Pay off highest interest rate first. Mathematically optimal - saves the most money on interest over time.
Pay off smallest balance first. Quick wins provide psychological motivation to stay on track.
Strategy Comparison
Debt Balance Over Time
Monthly Payment Schedule (Avalanche)
| Month | Total Payment | Principal | Interest | Remaining Balance | Notes |
|---|---|---|---|---|---|
| 1 | $980 | $711 | $269 | $44,289 | |
| 2 | $980 | $718 | $262 | $43,571 | |
| 3 | $980 | $725 | $255 | $42,846 | |
| 4 | $980 | $731 | $249 | $42,115 | |
| 5 | $980 | $738 | $242 | $41,376 | |
| 6 | $980 | $745 | $235 | $40,631 | |
| 7 | $980 | $752 | $228 | $39,879 | |
| 8 | $980 | $760 | $220 | $39,119 | |
| 9 | $980 | $767 | $213 | $38,352 | |
| 10 | $980 | $774 | $206 | $37,578 | |
| 11 | $980 | $782 | $198 | $36,797 | |
| 12 | $980 | $789 | $191 | $36,007 | |
| 13 | $980 | $797 | $183 | $35,211 | |
| 14 | $980 | $805 | $175 | $34,406 | |
| 15 | $980 | $812 | $168 | $33,594 | |
| 16 | $980 | $820 | $160 | $32,774 | |
| 17 | $1,130 | $978 | $152 | $31,795 | Credit Card (Paid Off!) |
| 18 | $830 | $685 | $145 | $31,110 | |
| 19 | $830 | $689 | $141 | $30,421 | |
| 20 | $830 | $692 | $138 | $29,729 | |
| 21 | $830 | $696 | $134 | $29,034 | |
| 22 | $830 | $699 | $131 | $28,334 | |
| 23 | $830 | $703 | $127 | $27,632 | |
| 24 | $830 | $706 | $124 | $26,925 | |
| 25 | $830 | $710 | $120 | $26,216 | |
| 26 | $830 | $713 | $117 | $25,502 | |
| 27 | $830 | $717 | $113 | $24,785 | |
| 28 | $830 | $721 | $109 | $24,064 | |
| 29 | $830 | $724 | $106 | $23,340 | |
| 30 | $830 | $728 | $102 | $22,612 | |
| 31 | $830 | $732 | $98 | $21,880 | |
| 32 | $830 | $735 | $95 | $21,145 | |
| 33 | $830 | $739 | $91 | $20,405 | |
| 34 | $830 | $743 | $87 | $19,662 | |
| 35 | $830 | $747 | $83 | $18,916 | |
| 36 | $1,180 | $1,101 | $79 | $17,815 | Car Loan (Paid Off!) |
| 37 | $480 | $406 | $74 | $17,409 | |
| 38 | $480 | $407 | $73 | $17,002 | |
| 39 | $480 | $409 | $71 | $16,593 | |
| 40 | $480 | $411 | $69 | $16,182 | |
| 41 | $480 | $413 | $67 | $15,769 | |
| 42 | $480 | $414 | $66 | $15,355 | |
| 43 | $480 | $416 | $64 | $14,939 | |
| 44 | $480 | $418 | $62 | $14,521 | |
| 45 | $480 | $419 | $61 | $14,102 | |
| 46 | $480 | $421 | $59 | $13,681 | |
| 47 | $480 | $423 | $57 | $13,258 | |
| 48 | $480 | $425 | $55 | $12,833 | |
| 49 | $480 | $427 | $53 | $12,406 | |
| 50 | $480 | $428 | $52 | $11,978 | |
| 51 | $480 | $430 | $50 | $11,548 | |
| 52 | $480 | $432 | $48 | $11,116 | |
| 53 | $480 | $434 | $46 | $10,682 | |
| 54 | $480 | $435 | $45 | $10,247 | |
| 55 | $480 | $437 | $43 | $9,810 | |
| 56 | $480 | $439 | $41 | $9,370 | |
| 57 | $480 | $441 | $39 | $8,929 | |
| 58 | $480 | $443 | $37 | $8,487 | |
| 59 | $480 | $445 | $35 | $8,042 | |
| 60 | $480 | $446 | $34 | $7,595 |
Debt Payoff Calculator FAQ
What is the difference between the snowball and avalanche methods?
The avalanche method pays extra toward the debt with the highest interest rate first, regardless of balance — it minimizes total interest paid and gets you debt-free fastest in dollar terms. The snowball method pays extra toward the smallest balance first, regardless of rate — it costs more in interest but produces faster "wins" (fully paid-off accounts) that many people find more motivating to stick with.
Which method should I actually use?
Avalanche is mathematically optimal and is what this calculator defaults to. Snowball is worth choosing instead if you have struggled to stick with a debt payoff plan before — the psychological boost of eliminating whole accounts quickly can matter more than the extra interest cost for some people. Run both in this calculator and compare the total interest difference to decide if the motivational benefit of snowball is worth it for you.
How much extra should I pay toward debt each month?
As much as your budget allows after covering essentials and at least a starter emergency fund — extra payments go entirely toward principal and directly shorten your payoff timeline. Even a modest extra payment (an extra $100-200/month) can cut years off a payoff timeline and save meaningfully on interest, which is exactly what the "extra payment" field in this calculator lets you test.
Should I pay off debt or invest first?
A common rule of thumb: pay off any debt with an interest rate higher than what you'd realistically expect to earn investing (often cited as roughly 6-7%+) before investing beyond an employer 401(k) match. For lower-rate debt (some mortgages, some auto loans), investing alongside minimum debt payments can make more mathematical sense, though guaranteed debt payoff has no market risk the way investing does.