A debt payoff calculator helps you see how quickly you can eliminate your balances based on your debts, interest rates, minimum payments, and any extra money you can put toward payoff. It also lets you compare two popular strategies so you can choose the one that matches your goals and your personality.

Snowball method means you pay extra toward your smallest balance first while making minimum payments on everything else. Each time you pay off a debt, you roll that payment into the next smallest balance. This method builds momentum fast because you get quick wins early.

Avalanche method means you pay extra toward the highest interest rate first while making minimum payments on everything else. Each time you pay off a debt, you roll that payment into the next highest interest rate. This method usually saves you the most money because it reduces expensive interest as fast as possible.

Example: Imagine two debts. Debt A is $6,000 at 10%. Debt B is $5,000 at 20%. The snowball method would typically attack the $5,000 first because it is the smaller balance, even though the rate is higher. The avalanche method would attack the 20% debt first because it is costing you more each month. Snowball is often easier to stick with. Avalanche is often cheaper over time. The best method is the one you can follow consistently.

Use the calculator below to estimate how fast you could become debt free, how much interest you would pay, and how snowball compares to avalanche.

• Enter each debt name, balance, interest rate, and minimum payment

• Enter any extra monthly payment you can add toward debt payoff

• Click Run to compare snowball versus avalanche results

• Use the chart to see balances drop over time and how long each method takes

• Export your results if you want to save them or share your plan