Debt Payoff Calculator
See how fast you can pay off your debt using the snowball or avalanche method - and how much extra payments can save you.
The avalanche method targets debts with the highest interest rate first, saving you the most money overall.
Your Debt Details
With extra payments you save 23 months and $1,093 in interest!
Months to Payoff
25
48 months without extra
Total Interest
$1,053
$2,146 without extra
Total Amount Paid
$6,053
Debt-Free Date
April 2028
Balance Over Time
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See if you could lower your interest rate by consolidating your debts into one simple payment.
Snowball vs Avalanche: Which Method Is Better?
The avalanche method focuses on paying off debts with the highest interest rate first. This saves you the most money overall because you eliminate the most expensive debt as quickly as possible.
The snowball method focuses on paying off the smallest balances first, regardless of interest rate. While you may pay slightly more in interest, the psychological boost of eliminating individual debts can keep you motivated.
Both methods work - the best strategy is the one you will actually stick with. If you have a single debt, both methods produce the same result. The difference matters most when you have multiple debts with different rates and balances.