Debt Payoff Calculator 2026 - Debt Snowball vs Avalanche
Compare debt snowball vs debt avalanche methods with our free debt payoff calculator. Calculate how long it takes to pay off debt, total interest paid, and which strategy saves more money.
Additional amount you can pay toward debt each month
Debt Snowball vs Debt Avalanche: Which is Better?
Debt Snowball Method: Pay off debts from smallest to largest balance, regardless of interest rate. This method provides psychological wins as you eliminate debts quickly, which can help maintain motivation. Best for people who need motivation to stick with debt payoff. You see debts eliminated faster, which builds momentum. This method was popularized by personal finance expertDave Ramsey.
Debt Avalanche Method: Pay off debts from highest to lowest interest rate, regardless of balance. This method saves the most money in interest and typically gets you debt-free faster. Best for people who want to minimize total interest paid. You tackle the most expensive debt first, saving money over time.
Which Should You Choose? Mathematically, the debt avalanche method almost always saves more money. However, the debt snowball method can be more motivating for some people. Our calculator shows you the exact difference in time and interest paid so you can make an informed decision based on your situation.
Key to Success: Whichever method you choose, the most important factor is consistency. Make minimum payments on all debts, then put any extra money toward your target debt. Once a debt is paid off, roll that payment into the next debt. This creates a snowball effect that accelerates your debt payoff.
Consumer Resources: For information on managing debt and credit, visit theConsumer Financial Protection Bureau (CFPB) and theFederal Trade Commission for consumer protection information.
Frequently Asked Questions - Debt Payoff Calculator
The debt snowball method involves paying off debts from smallest to largest balance, regardless of interest rate. You make minimum payments on all debts, then put any extra money toward the smallest debt. Once that's paid off, you roll that payment into the next smallest debt. This method provides psychological wins that help maintain motivation.
The debt avalanche method involves paying off debts from highest to lowest interest rate, regardless of balance. You make minimum payments on all debts, then put any extra money toward the highest interest debt. Once that's paid off, you roll that payment into the next highest interest debt. This method saves the most money in interest.
Mathematically, the debt avalanche method almost always saves more money because you pay off high-interest debt first. However, the debt snowball method can be more motivating for some people because you see debts eliminated faster. Our calculator shows you the exact difference so you can make an informed decision based on your situation.
The time to pay off debt depends on your total debt, interest rates, minimum payments, and how much extra you can pay each month. Our debt payoff calculator shows you exactly how long it will take with both the snowball and avalanche methods, so you can see which strategy gets you debt-free faster and saves more money.