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Debt

Debt Payoff Calculator

Compare snowball vs avalanche — see which clears your debt faster and cheaper.

Updated June 2026 · Editorial standards

Your debts

Balance

$

Rate (APR %)

%

Min payment

$

Balance

$

Rate (APR %)

%

Min payment

$

Balance

$

Rate (APR %)

%

Min payment

$

Balance

$

Rate (APR %)

%

Min payment

$

Strategy

$
Debt-free in
5 years and 7 months
Total interest
$5,785
Total paid
$36,785
vs snowball
save $733

Using the avalanche method, you'll be debt-free in 5 years and 7 months paying $5,785 in interest. That's $733 less than the snowball method.Payoff order: Credit card → Personal loan → Car loan → Student loan. Add even $50 more per month to shave off significant time.

Balance paydown over time

Snowball vs Avalanche

MethodTime to freeTotal interestTotal paid
Avalanche (your choice)5 years and 7 months$5,785$36,785
Snowball5 years and 8 months$6,517$37,517
By the KalkWise Editorial Team Reviewed for accuracy Updated June 2026

What is the debt payoff calculator?

In short

The avalanche method (highest interest rate first) minimizes total interest paid and is mathematically optimal. The snowball method (smallest balance first) provides quicker psychological wins and is better for motivation. On $31,000 of mixed debt at average 12% with $200 extra per month, avalanche typically saves $1,000–$3,000 vs snowball.

This debt payoff calculator compares the avalanche and snowball payoff strategies, shows total interest, time to debt-free, and a month-by-month balance chart for each method.

How to use this calculator

  1. 1Enter each debt — name, current balance, annual interest rate, and minimum payment.
  2. 2Enter any extra monthly amount you can put toward debt above all minimums.
  3. 3Choose your preferred method (avalanche or snowball).
  4. 4Compare interest saved, total paid, and time to debt-free between methods.

The formula

interestm=B×APR12
Bnext=B+interestm−P
Each month: interest = balance × (APR ÷ 12). Payment applied = minimum + any extra (rolled into highest-priority debt). A debt is paid off when balance reaches zero; its freed minimum rolls into the extra pool for the next priority debt.
B
— Current balance
r
— Monthly interest rate (APR ÷ 12)
P
— Payment (minimum + extra)

Worked example

The scenario

Credit card $5,000 at 22%, student loan $15,000 at 6%, car loan $8,000 at 7%, personal loan $3,000 at 12%. Extra: $200/month.

gives

The result

Avalanche pays off in ~44 months with ~$5,800 total interest. Snowball pays off in ~46 months with ~$6,600 interest — about $800 more but gives faster early wins.

Common use cases

  • Deciding between avalanche and snowball strategies
  • Figuring out how much extra payment per month matters
  • Planning a debt-free date
  • Comparing multiple debt elimination scenarios

Limitations & assumptions

  • Minimum payments are held constant — some lenders recalculate minimums monthly.
  • Does not model balance transfers, consolidation loans, or 0% introductory offers.
  • Assumes all payments are made on time every month.

Frequently asked questions

Pay all minimums first, then direct every extra dollar at the highest-APR debt. On $31,000 mixed debt (22% credit card, 12% personal loan, 7% car, 6% student loan) with $200 extra/month, avalanche pays off in ~44 months and costs ~$5,800 in total interest — saving roughly $800 vs snowball.

Disclaimer: KalkWise calculators are provided for general informational and educational purposes only and do not constitute financial, investment, tax, or legal advice. Results are estimates based on the figures you enter and the assumptions described above. Actual outcomes will vary. Consult a qualified professional before making financial decisions.