Debt Payoff Calculator
Enter your debts and see exactly how fast you can pay them off using the snowball or avalanche method. Month-by-month schedule, total interest saved, payoff dates.
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Snowball vs Avalanche: Understanding Both Methods
The debt snowball pays off your smallest balance first for psychological momentum. The debt avalanche pays your highest interest rate debt first to minimize total interest. Both work — the key variable is execution and consistency, not which method you choose.
The Hidden Power of Rolling Payments
Both methods share one powerful mechanic: when you pay off a debt, you take its minimum payment and roll it into the next target debt. A $100/month minimum on a paid-off car loan becomes extra ammo on your credit card. By your last debt, you may be throwing $600–$1,000/month at it from accumulated rolled payments plus your original extra amount.
What an Extra $200/Month Actually Does
On $30,000 in mixed debt (credit cards, car, student loans) at an average 15% APR, the difference between minimum payments and minimum plus $200/month extra is staggering: minimum-only takes about 22 years and costs $28,000 in interest. Adding $200/month gets you debt-free in about 6 years and costs $9,000 in interest. That $200/month difference saves $19,000 total.
When to Consider Debt Consolidation
If your credit score is above 680 and you’re paying 20%+ APR on multiple cards, a personal loan at 8%–12% APR can consolidate everything into one payment and cut your interest rate in half. Use our Loan Calculator to model the consolidation numbers, and our Credit Card Payoff Calculator to compare minimum vs fixed payment scenarios per card.
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