Debt Payoff Calculator

The snowball method pays off your smallest balance first for psychological wins, while the avalanche method targets the highest interest rate first to minimize total interest paid. The avalanche method saves more money, but the snowball method can be more motivating.

Even an extra $50-100 per month can dramatically reduce your payoff timeline. Use this calculator to see how different extra payment amounts affect your total interest and payoff date. The key is consistency — any extra amount helps.

The avalanche method (paying highest interest rate first) always saves the most money in total interest. However, the snowball method (smallest balance first) provides quicker wins that keep you motivated. Choose the method that you'll stick with.

Generally, if your debt interest rate is higher than expected investment returns (roughly 7-10% annually), paying off debt first is better. High-interest credit card debt (15-25% APR) should almost always be paid off before investing beyond your employer 401k match.

List all debts with balances, interest rates, and minimum payments. Choose snowball or avalanche method. Determine how much extra you can pay monthly. Use this calculator to see your timeline. Then automate payments and track progress monthly.