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Debt Snowball & Avalanche Payoff Calculator

Welcome to the debt snowball/avalanche payoff calculator. This free tool enables you to enter all of your debts and compare the payoff scenarios between the debt snowball and debt avalanche methods.

Give the calculator a try and let me know what you think!


Step 1: Enter all of your debt information below.

Min Payment
Interest rate

How to Get Out of Debt the Smart Way

We built this debt payoff calculator to help people eliminate their debt once and for all. As you use the calculator, keep the following in mind:

  • Debt Snowball: With the debt snowball method you apply any extra money over and above your minimum payments to the loan with the lowest balance. The theory behind this approach is that it will enable you to pay off your smallest debt quickly, motivating you to continue paying off all of your debt. Dave Ramsey is a proponent of this approach.
  • Debt Avalanche: The debt avalanche method has you put any extra money toward the debt with the highest interest rate. If that debt happens to be one of your largest loans, it will take you longer to pay it off than if you tackled your smallest debt first. The benefit here is that you'll generally pay less in interest and pay off all your debts more quickly than with the debt snowball approach.

Remember that deciding on a debt repayment strategy is just the first step. Another critical strategy is to reduce your interest rates where possible. This may including transferring credit card balances to a 0% card, refinancing a student loan or car loan, or refinancing a mortgage.

For additional reading, here are some resources on the debt snowball: