The getting out of debt timeline compares Debt Snowball and Debt Avalanche methods. Enter your debts and extra monthly payment to see exactly when each debt gets paid off and how much interest each method costs.
Your Debts
| Debt Name | Balance ($) | Min. Payment ($) | Interest Rate (%) |
|---|
Snowball Method (smallest balance first)
Avalanche Method (highest rate first)
How to Choose Your Debt Payoff Strategy
Debt payoff is one of the highest guaranteed returns available. Paying off a 20% APR credit card is equivalent to earning a 20% guaranteed return — better than most investments. The priority: always pay minimum payments on all debts, then direct all extra money to your chosen target debt.
When to use Debt Snowball
Snowball works best if you have multiple small debts creating psychological burden, if you've struggled to stay motivated with debt payoff before, or if you need early wins to build confidence. Research shows behavior is more important than math — if Snowball keeps you on track, it's the better choice even if it costs slightly more in interest.
When to use Debt Avalanche
Avalanche works best if your highest-rate debt is also a large balance (preventing quick wins), if you're highly analytical and math motivates you, or if the interest difference between methods is significant. On high-balance credit card debt at 24% APR versus 6% APR on a student loan, attacking the card first saves substantial money.
FAQ
Is this debt payoff calculator free?
Yes, completely free with no signup required.
Is my data private?
Yes. No data is sent to any server. All calculations run locally in your browser.
What is the Debt Snowball method?
The Debt Snowball method pays minimum payments on all debts except the smallest balance, which gets all extra funds. When the smallest debt is paid off, its payment rolls to the next smallest. Dave Ramsey popularized this method. It is psychologically powerful — early wins keep you motivated — but costs more in interest than the Avalanche.
What is the Debt Avalanche method?
The Debt Avalanche method focuses extra payments on the highest interest rate debt first, then moves to the next highest rate. Mathematically optimal — minimizes total interest paid. Works best for people who can stay motivated by math rather than needing quick psychological wins.
Which method should I use?
If you need motivation to stick with your plan, use Snowball — behavior matters more than math. If you can stay disciplined regardless, use Avalanche — it saves more money. Research suggests both work well for people who commit to them. The best method is whichever one you'll actually stick with.