Debt Payoff Planner
See your exact debt-free date. Compare Avalanche vs Snowball side by side, and find out how much interest you save versus making minimum payments only. No sign-up, no data collected.
Your Debts
Attack order — Avalanche
| # | Date | Target Debt | Total Payment | Interest | Principal | Balance Remaining |
|---|
Avalanche vs Snowball — which should you use?
Avalanche — highest interest rate first
All extra money goes to the debt with the highest APR first. Once that's cleared, roll its freed payment into the next highest rate. Mathematically optimal — minimizes total interest paid. Best for people motivated by numbers who want to minimize cost.
Snowball — smallest balance first
Target the smallest balance regardless of interest rate. Quick wins build psychological momentum. Research shows the Snowball method has higher completion rates — the early victories keep you going. Best if you need motivation and quick progress markers.
The rollover effect is the real power
When a debt is paid off, its freed minimum payment rolls directly into the next target — so your attack payment grows bigger with every debt you clear. Even $50/month extra can cut years off your debt and save thousands. The debt you pick off first matters far less than consistently paying extra every month.
Frequently Asked Questions
Avalanche targets your highest-interest-rate debt first, regardless of balance — it's mathematically optimal and minimizes total interest paid. Snowball targets your smallest balance first, regardless of rate — it clears individual debts faster, which builds momentum and tends to have higher real-world completion rates. Toggle "Both" to compare your exact numbers side by side rather than guessing which fits you better.
When one debt is paid off, its minimum payment doesn't disappear — it rolls directly into your next target debt, so your extra "attack" payment grows bigger with every debt you clear. That snowballing effect is where most of the payoff-speed and interest savings actually come from, which is why consistently adding extra every month matters more than the specific order you pick.
Minimum payments are what you're required to pay per debt just to keep it current. The extra monthly payment field is additional money on top of all your combined minimums, and the calculator decides where that extra goes based on whichever method (Avalanche/Snowball) you're viewing.
Yes — use "+ Add Debt" to add as many as you need. Each one needs a name (for your own reference), balance, APR, and minimum payment.
Yes — every debt keeps accruing interest at its own APR each month until it's fully paid off, whether it's your current target or still waiting in line. That's part of why Avalanche saves more in total interest than Snowball on paper: high-APR debts spend less time accruing at their expensive rate.
This calculator's job ends at your debt-free date. From there, the page links to RetireSmart to model your FIRE number and full retirement path — a natural next step once those minimum payments are freed up.
Once you're debt-free, what's your FIRE number?
Model your full path to financial independence with year-by-year projections, Monte Carlo simulation, and income event planning.