Debt Payoff Calculator
Compare the snowball and avalanche methods. See exactly how long it takes and how much interest you'll pay with your current extra payment.
Amount above minimums you can put toward debt each month
Snowball method
4y 7m
$3,793 total interest
Avalanche method
4y 7m
$3,793 total interest
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Snowball vs avalanche: which is better?
Both methods involve paying minimums on all debts and putting any extra money toward one debt at a time. The difference is which debt gets the extra payment.
Debt snowball targets the smallest balance first. You pay it off faster, which provides a psychological win and motivates you to keep going. Research shows many people stick to this method better.
Debt avalanche targets the highest interest rate first. This minimises the total interest you pay and is mathematically optimal. If you're disciplined and motivated by numbers, this is the better strategy.
In practice, the difference in total interest is often smaller than people expect — usually a few hundred dollars over several years. The best method is the one you'll actually stick to.