US Debt Payoff Planner (Snowball vs. Avalanche)
Compare the Snowball and Avalanche debt payoff methods and discover which saves you more interest and time.
đ§ Debt Payoff Planner: Snowball vs. Avalanche
Find which debt-free strategy saves you the most interest and time.
Your Debts
What is the US Debt Payoff Planner (Snowball vs. Avalanche)?
Enter up to 3 debts and an extra monthly payment to see which strategy â paying smallest balances first (Snowball) or highest interest first (Avalanche) â gets you debt-free sooner.
How Does the US Debt Payoff Planner (Snowball vs. Avalanche) Work?
Input each debt's balance, interest rate, and minimum payment. Add any extra monthly amount you can put toward debt. The calculator simulates both methods month-by-month.
Formula & Calculation Method
Each month, interest accrues on all balances, minimums are paid on all debts, then the extra payment targets either the lowest balance (Snowball) or highest rate (Avalanche) debt until paid off.
Example Calculation
For Debt 1 ($5,000 at 22%), Debt 2 ($8,000 at 18%), and Debt 3 ($3,000 at 15%) with a $200/month extra payment, Avalanche payoff is simulated.
Frequently Asked Questions
Each month, interest accrues on all balances, minimums are paid on all debts, then the extra payment targets either the lowest balance (Snowball) or highest rate (Avalanche) debt until paid off.
Disclaimer: This tool is provided for informational and calculation purposes. Output values are estimates based on standard user inputs.