Debt Payoff Calculator
Free debt payoff calculator. Add up to 6 debts with their balances, interest rates, and minimum payments. Enter any extra monthly payment and instantly compare snowball (smallest balance first) vs avalanche (highest interest first) strategies. See which saves more in interest.
Any amount above the minimums
Add at least one debt with a balance and minimum payment to compare strategies.
Frequently Asked Questions
What is the debt snowball method?
The debt snowball method means paying off your smallest balance first, regardless of interest rate, while making minimum payments on all other debts. Once the smallest debt is paid off, you roll its payment into the next smallest. It is psychologically motivating because you get quick wins, but typically costs more in interest than the avalanche method.
What is the debt avalanche method?
The debt avalanche method means paying off your highest-interest-rate debt first, while making minimum payments on all others. Once the highest-rate debt is cleared, you redirect that payment to the next highest rate. It saves the most interest over time but can take longer to see your first debt eliminated.
Which debt payoff method is better?
Mathematically, the avalanche method always saves more money. But behavioural research shows many people succeed more with the snowball method because early wins keep them motivated. The best method is whichever you will stick to. Extra payments accelerate both methods significantly - even an extra £50-100 per month can cut years off your debt payoff timeline.
Learn More
Get a free tool tip every week
One practical tip, one featured tool, every Tuesday. Takes 90 seconds to read. No spam, unsubscribe any time.