Debt Payoff Calculator - Snowball vs Avalanche Method | Free Debt Elimination Tool
Calculate your debt-free date using the debt snowball or avalanche payoff strategy. Compare methods, save on interest, and create a personalized debt elimination plan with our free calculator.
Amount beyond minimum payments to accelerate debt payoff
Total Debt
$45,000
Total Min Payment
$780
Weighted Avg APR
6.44%
Mathematically optimal: pay minimum on all debts, attack highest interest rate first
Debt-Free In
4y 4m
Total Interest Paid
$4,568
vs Snowball
Save $0
0 months faster
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Understanding the Concept
The debt snowball method pays off debts from smallest to largest balance for psychological wins, while the debt avalanche method targets highest interest rates first to minimize total interest paid. Both strategies accelerate debt freedom.
Tips to Optimize
- •Avalanche saves more money on interest, snowball provides quick wins
- •Apply windfalls (tax refunds, bonuses) directly to debt
- •Negotiate lower interest rates with creditors before starting
- •Avoid taking on new debt while following your payoff plan
- •Celebrate milestones - each paid-off debt is a major achievement