Debt Payoff Calculator
Compare snowball vs avalanche payoff strategies.
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Debt Name
Balance ($)
APR (%)
Min Payment ($)
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Frequently Asked Questions
What is the difference between snowball and avalanche methods? +
The snowball method pays off debts from smallest balance to largest, giving quick psychological wins. The avalanche method targets the highest interest rate first, saving the most money on interest over time.
Which debt payoff method saves the most money? +
The avalanche method almost always saves more on interest because it prioritizes high-rate debts. The difference can be significant if your interest rates vary widely.
How does extra payment amount affect payoff time? +
Extra payments beyond minimums are applied to the targeted debt (smallest balance or highest rate). Even an extra $50-100 per month can shave months or years off your total payoff timeline.
Should I include my mortgage in the debt payoff plan? +
Most financial advisors suggest keeping mortgage debt separate from consumer debt payoff plans. Mortgage rates are typically lower, and the loan term is much longer. Focus on higher-rate consumer debts first.
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