Debt Payoff Calculator
Compare snowball and avalanche strategies. See how extra payments accelerate your debt-free date and reduce total interest paid.
Your Debts
Total Debt
$45,000
Minimum Payments Only
7yr 7mo
$21,124 in interest
With $200/mo Extra
Highest rate first
5yr 1mo
$11,307
$9,817
2yr 6mo
Smallest balance first
5yr 4mo
$13,481
$7,643
2yr 3mo
Avalanche saves the most money by targeting high-interest debt first. Snowball builds momentum with quick wins on small balances. Avalanche saves you $2,174 more in interest for your debts.
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Avalanche vs Snowball - which is better?
The avalanche method targets highest-interest debt first, saving you the most money over time. The snowball method targets smallest balances first, giving you quick wins that build motivation. Mathematically, avalanche wins - but the best strategy is the one you actually stick with.
How much faster can extra payments get me debt-free?
Even $100 - 200 extra per month can shave years off your payoff timeline. For example, a $20,000 credit card balance at 22% APR takes over 30 years to pay off with minimums alone. Adding just $200/month cuts that to about 6 years and saves over $20,000 in interest.
Should I consolidate my debt?
Debt consolidation (combining multiple debts into one lower- rate loan) can make sense if you qualify for a significantly lower interest rate. Balance transfer credit cards (0% intro APR), personal loans, and home equity loans are common options. But consolidation only works if you stop adding new debt - it doesn't solve spending habits.
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