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!
The avalanche method saves you $0.00 of interest in the long run.
The snowball method pays off your first debt 0 months sooner.
|Strategy||Payoff||First debt payoff||Payoff date||Interest paid||Total paid|
|Snowball||6 months||2 months||07/18/2020||$4,189||$43,089|
|Avalanche||6 months||2 months||07/18/2020||$4,189||$43,089|
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:
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: