Debt Payoff Calculator — Snowball vs Avalanche | money-calc.com
Free debt payoff calculator. Compare Snowball vs Avalanche strategies to find the fastest, cheapest path to being debt-free. See total interest, payoff timeline, and order.
How to Use
- Enter Your Debts — Add each debt with its current balance, annual interest rate, and minimum monthly payment
- Add Extra Payment — Enter any extra amount above minimums you can afford each month
- Calculate — Click Calculate to see Snowball vs Avalanche comparison with payoff timeline and total interest
FAQ
What is the Snowball method?
The Snowball method pays off the smallest balance debt first while making minimum payments on all others. As each debt is eliminated, its payment rolls into the next debt, creating momentum. It's psychologically rewarding but may cost more in interest than Avalanche.
What is the Avalanche method?
The Avalanche method targets the highest interest rate debt first, minimizing total interest paid. Mathematically optimal, it can save hundreds or thousands versus Snowball — but requires patience if the high-rate debt has a large balance.
Which method is better, Snowball or Avalanche?
Avalanche saves more money in total interest. Snowball provides faster psychological wins. If staying motivated is your challenge, Snowball works better. If minimizing cost is your goal, Avalanche wins. The best method is the one you'll stick to.