Debt Payoff Calculator: Snowball vs. Avalanche
List your debts and any extra you can put toward them each month. See which order gets you debt-free sooner and costs less in interest.
How this calculator works
Each month it adds interest to every balance, pays every minimum, then puts your extra money (plus any minimum freed up from a debt you've paid off) toward one target debt. The snowball targets the smallest balance first. The avalanche targets the highest interest rate first.
The avalanche almost always costs less. The snowball gives you a paid-off account sooner, which helps a lot of people stay with the plan. The best method is the one you'll keep doing.
The example numbers are made up. Replace them with yours from your latest statements. If a minimum payment doesn't cover the monthly interest, the calculator will flag it.
Do the math once. Use it every month.
The Squared Roots Money Toolkit: a zero-based budget, net worth tracker, Snowball vs Avalanche debt planner and goals calculator, plus the 21-page Wealth on Any Income workbook.
See the toolkit, $27For education only. Results are estimates based on the numbers you enter and simple assumptions. Squared Roots Co. LLC is a financial coaching business, not a registered investment adviser, and this tool is not individual financial, investment, tax or legal advice. Nothing you type is saved or sent anywhere; it stays in your browser.