Debt Payoff Calculator
Add your debts, choose a payoff strategy, and see exactly when you'll be debt-free. Compare snowball vs avalanche to find what saves you the most.
Your debts
Revolving balance with variable APR
Vehicle financing with fixed term
Calculated payment: $355.72/mo
Government-backed education loan
Payoff strategy
Beyond your minimum payments ($736/mo total)
Results
4 yrs 8 mo
Extra payments save you
Strategy Comparison
How Your $936/mo Gets Allocated
Your total payment stays fixed. As each debt is paid off, its payment rolls into the next target.
→ $100.00/mo freed up and rolled into next target
→ $355.72/mo freed up and rolled into next target
Balance Over Time
Remaining Balances by Month
| Month | Credit Card | Car Loan | Student Loan | Total |
|---|---|---|---|---|
| 1 | $4,796 | $14,726 | $24,835 | $44,356 |
| 2 | $4,588 | $14,450 | $24,668 | $43,706 |
| 3 | $4,376 | $14,172 | $24,501 | $43,049 |
| 4 | $4,159 | $13,893 | $24,334 | $42,386 |
| 5 | $3,939 | $13,613 | $24,165 | $41,717 |
| 6 | $3,715 | $13,331 | $23,996 | $41,041 |
| 7 | $3,486 | $13,047 | $23,826 | $40,359 |
| 8 | $3,252 | $12,762 | $23,655 | $39,670 |
| 9 | $3,015 | $12,476 | $23,484 | $38,974 |
| 10 | $2,773 | $12,187 | $23,311 | $38,271 |
| 11 | $2,526 | $11,898 | $23,138 | $37,561 |
| 12 | $2,274 | $11,606 | $22,964 | $36,845 |
Snowball vs Avalanche: Which is better?
The debt avalanche method targets the debt with the highest interest rate first. You make minimum payments on everything else and throw every extra dollar at the most expensive debt. Mathematically, this always saves the most money in total interest paid.
The debt snowball method targets the smallest balance first, regardless of interest rate. You pay off small debts quickly, freeing up their minimum payments to roll into the next debt. The quick wins provide a psychological boost that helps many people stay motivated.
Research from Harvard Business Review found that people who use the snowball method are more likely to successfully eliminate their debt, even though it costs slightly more in interest. The best method is the one you'll actually stick with.
Regardless of method, extra payments make the biggest difference. Even an extra $50-100 per month can shave months or years off your payoff timeline and save hundreds or thousands in interest.