Snowball
Smallest balance first
- Debt-free
- Add a debt
- Months
- Add a debt
- Total interest
- Add a debt
- First debt gone
- Add a debt
Debt snowball and debt avalanche
Debt payoff calculator
List your debts and what you can spare each month. You get an estimated debt-free date, the interest it costs and which debt to pay off first.
- Free
- No sign-up
- Both methods compared
Your debts
Your payoff plan
Your plan
Add a debt to see your debt-free date
Each debt needs a balance, an APR and a minimum payment.
Estimated debt-free date
- Every month
- Total interest
- Interest saved
Payoff order
At these payments
The debt is never paid off
Raise that minimum or add an extra amount each month.
An estimate from the numbers you entered, not financial advice.
- interest = balance × APR ÷ 12, each month, rounded to the cent.
- Your monthly total is every minimum plus the extra, and it stays the same.
- A paid-off debt's minimum moves to the next debt in line.
Lenders often charge interest daily and change minimums, so statements will differ. Full method
Snowball and avalanche, side by side
Avalanche
Highest APR first
- Debt-free
- Add a debt
- Months
- Add a debt
- Total interest
- Add a debt
- First debt gone
- Add a debt
Month-by-month plan
Add a debt to build the plan.
| Month | Paid | Interest | Left to pay | Extra goes to |
|---|
Debt snowball vs. debt avalanche
Both methods pay the minimum on every debt and send everything extra to one debt at a time. They differ only in which debt goes first.
Debt snowball
The extra goes to the smallest balance first. When that debt is gone, its whole payment rolls onto the next smallest, so the amount aimed at each debt keeps growing.
The first payoff usually comes sooner, because the smallest balance takes the fewest payments to clear.
Debt avalanche
The extra goes to the highest APR first, then the next highest. Money stops feeding the most expensive debt sooner.
Over the whole plan it usually costs the least interest. If the costliest debt is also large, the first payoff takes longer.
The comparison above runs both orders on your numbers and shows the debt-free month, the number of payments and the total interest for each, so you can weigh them yourself.
How the calculator works
- Interest first. Every month, each debt with a balance is charged balance × APR ÷ 12, rounded to the cent.
- Then every minimum. Each debt gets its minimum payment, or its whole balance if that is smaller.
- Then the extra. Whatever is left of your monthly total goes to the debt at the front of the line, and to the next one if that debt is paid off.
- Payments roll over. Your monthly total stays the same for the whole plan. When a debt is paid off, its minimum moves to the next debt.
Interest saved compares your plan with paying only each debt's own minimum, with no extra and nothing rolling over. Month 1 is next calendar month.
It is a model, so your statements will not match it to the cent. Many cards charge interest daily, rates and minimums change, and fees or new purchases are not counted. Use it to compare plans, then check the payoff amounts your lenders quote.
Common questions
Is the debt-free date exact?
No. It is an estimate from the numbers you entered and the monthly interest rule above. The payoff amount your lender quotes is the figure to trust.
What should I enter as the minimum payment?
The minimum due on your latest statement. The calculator keeps it the same every month, which matches what happens if you keep sending that amount even after the lender lowers the minimum.
Does the extra payment have to be the same every month?
In this calculator, yes. If your spare money changes from month to month, use an amount you can count on.
Can I use it for a car loan, a mortgage or student loans?
Yes. Any debt with a balance, an APR and a regular monthly payment works. For a loan with a fixed term, enter the regular payment as the minimum.
Do you offer loans or debt consolidation?
No. IOCODO LLC does not lend money or arrange credit of any kind. The calculator is free and needs no sign-up.