Free debt payoff calculator
Add each debt with its balance, interest rate and minimum payment, then choose how much extra you can pay every month. The calculator compares paying the highest interest first (avalanche), the smallest balance first (snowball) and paying only the minimums.
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Debt avalanche vs debt snowball
Both methods pay the minimum on every debt and put all the extra money on one debt at a time. When it is paid off, its whole payment moves to the next debt, so the payments snowball.
- Debt avalanche attacks the debt with the highest interest rate first. It costs the least interest and is usually the fastest in dollars.
- Debt snowball attacks the smallest balance first. You clear debts sooner, which many people find motivating, at a slightly higher total interest.
The best method is the one you will keep doing. The comparison table above shows what the choice costs for your own debts.
How the calculator works
Each month the interest is added to every balance (the yearly rate divided by 12), then every minimum payment is made, and the rest of your monthly budget, the sum of the minimums plus your extra amount, goes to the target debt. Your total payment stays the same when a debt is paid off, which is what creates the snowball effect. Results are estimates: real cards compute interest daily, and minimum payments change as the balance falls.
Frequently asked questions
Which is better, the avalanche or the snowball?
The avalanche always costs the least interest when you stick to it. The snowball gives quicker wins. If the two results are close for your debts, choose the one you will follow.
Why does the calculator say I will never pay off a debt?
In the "minimum payments only" plan a minimum can be smaller than the monthly interest, so the balance never falls. Add an extra payment, or raise the minimum, and the debt can be paid off.
Should I save or pay off debt first?
Most people build a small emergency fund first, then pay down high-interest debt such as credit cards, then build savings further. Paying a 20% credit card is a guaranteed 20% return.
Read the guides
Track the real numbers
In Budget Dashboard you can track your loan payments with the loan tracker, see what you really spend each month and find money to put on your debt. It is free and your data stays in your browser.
Open the free Budget Dashboard
More free calculators
- Loan calculator – Payment, total interest, payoff date and the full amortization schedule, with extra payments.
- Emergency fund calculator – How much to keep for emergencies (3 to 12 months of essentials) and how long it takes to build.
- Budget calculator – Income, expenses and what is left, checked against the 50/30/20 rule. Weekly to yearly amounts.
These calculators give estimates for planning and learning. They are not financial, tax or legal advice, and real lenders, banks and tax rules can differ. Check the numbers with your lender or a qualified professional before you decide.
Published by Budget Dashboard. Questions or corrections? Contact us.