Debt Paydown Calculator
Model how quickly you can become debt-free using the avalanche (highest interest rate first) or snowball (smallest balance first) strategy. Enter your debts, set a monthly amount above the minimums, and compare time-to-payoff and total interest.
Your Debts
| Name | Balance | APR | Min. Payment | |
|---|---|---|---|---|
$ | % | $ | ||
$ | % | $ | ||
$ | % | $ | ||
Make sure your minimum payments reflect what your lenders require. The calculator will send all extra money to one focus debt at a time according to your chosen strategy.
Monthly Payment Plan
The model assumes you always pay at least the minimum on every debt, plus this extra amount directed to the current focus debt.
Total minimum payments$700
Total going to debt each month$1,200
Repayment Order Preview
Focus method for ordering
| Priority | Debt | Balance | APR |
|---|---|---|---|
| #1 | Credit Card | $5,000 | 20.00% |
| #2 | Car Loan | $12,000 | 6.00% |
| #3 | Student Loan | $20,000 | 5.00% |
Under the avalanche method, you attack debts in the order shown above while still paying minimums on all others.
Avalanche vs Snowball
Avalanche: Pay extra toward the highest interest rate first.
Snowball: Pay extra toward the smallest balance first.
Avalanche
Time to debt-free3y 8m
Total interest paid$3,628
Total paid (principal + interest)$40,628
Snowball
Time to debt-free3y 8m
Total interest paid$3,628
Total paid (principal + interest)$40,628
Both methods result in roughly the same total interest with your current inputs.
Quick Summary
- • You're committing roughly $1,200 per month to debt payoff, including minimums.
- • Under the avalanche method, you're debt-free in 3 years 8 months, paying about $3,628 of interest.
- • Under the snowball method, you're debt-free in 3 years 8 months, paying about $3,628 of interest.
- • In most cases avalanche wins on math, while snowball often wins on motivation because early wins come from wiping out small balances quickly.