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Debt Snowball vs Avalanche Calculator

See your debt-free date both ways, without having to do math in my head (and screw it up). The snowball pays the smallest balance first. The avalanche pays the highest interest rate first. Enter your debts to compare the payoff date, the interest, and the order.

1. Your debts

2. Your plan

Your debt-free date

How the snowball and avalanche work

  1. List every debt with its balance, interest rate (APR) and minimum payment. Your statement or app shows all three.
  2. Pick an extra amount you can pay every month on top of the minimums. Even $25 makes a difference.
  3. Snowball: put the extra on the smallest balance. When it's paid off, roll its minimum plus the extra onto the next smallest. Quick wins keep a lot of people going.
  4. Avalanche: put the extra on the highest APR first. It usually costs less interest and finishes the same or sooner.
  5. Keep the total payment the same every month until you're done. That's what makes the "snowball" grow.

The math: each month, interest is added at APR ÷ 12, every minimum is paid, then everything left over goes to the target debt (and spills to the next one if the target is paid off).

FAQ

Is the debt snowball or avalanche better?

The avalanche almost always costs less interest, because the most expensive debt goes first. The snowball pays off individual debts sooner, and those early wins help many people stick with it. The best method is the one you'll keep doing. This calculator shows exactly how much the difference is for your debts.

What is the debt snowball method?

List your debts from smallest to largest balance. Pay the minimum on all of them and put every extra dollar on the smallest. When it's gone, add its payment to the next smallest, and so on.

What is the debt avalanche method?

Same idea, but you order debts by interest rate, highest first. The extra money goes to the debt that's costing you the most.

Why does it say a debt never gets paid off?

If a minimum payment is less than the interest charged each month, the balance grows. Add an extra payment or check the minimum on your statement.

Is this exact?

It's a close estimate. Real cards calculate interest daily, minimums often drop as balances fall, and fees or new charges change things. Assuming fixed minimums with no new charges is the standard way to compare the two methods.

Does this include my mortgage?

You can add it, but most people leave the mortgage out and use these methods for cards, car loans, personal loans and student loans.

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