Debt Payoff Calculator
Add your debts and an extra monthly payment, then compare the avalanche and snowball strategies to see your debt-free date and total interest.
Avalanche vs. snowball, which is right for you?
The avalanche method targets your highest interest rate first. It's mathematically optimal, you'll pay the least interest and get out of debt soonest. The snowball method targets your smallest balance first. It costs a little more in interest, but the quick wins keep you motivated, which is why many people actually finish with it.
Choose the avalanche if you're driven by numbers and have high-interest debt. Choose the snowball if you've struggled to stay motivated before, or if your debts are all at similar rates (where the avalanche's advantage shrinks anyway).
Debt negotiation tips
- Call your credit card company and simply ask for a lower interest rate, it works more often than people expect.
- Medical bills are frequently negotiable; ask about discounts or interest-free payment plans.
- Stop adding new debt while you pay off the old, you can't bail out a boat while drilling new holes.