Debt Payoff Calculator
The debt avalanche method saves the most money by targeting highest-interest debts first, while the snowball method builds momentum by eliminating smallest balances first. Adding even a small extra monthly payment can save thousands in interest and years off your payoff timeline.
Additional amount beyond minimum payments each month
Frequently Asked Questions
What is the debt avalanche method?
The debt avalanche method prioritizes paying off debts with the highest interest rates first, while making minimum payments on all other debts. This approach minimizes total interest paid and is mathematically optimal.
What is the debt snowball method?
The debt snowball method prioritizes paying off the smallest balance first, regardless of interest rate. Once a debt is paid off, you roll that payment into the next smallest debt. This method builds psychological momentum through quick wins.
How much extra should I pay toward my debt each month?
Any extra amount helps. Even $50-100 extra per month can save thousands in interest and shave years off your payoff timeline. Use this calculator to see the exact impact of different extra payment amounts on your specific debts.