List your debts once, add an extra monthly payment, and compare months to debt-free and total interest for both the snowball and avalanche methods.
Add each debt with its balance, interest rate, and minimum payment.
Months to Debt-Free: -
Total Interest Paid: -
Payoff Order: -
Months to Debt-Free: -
Total Interest Paid: -
Payoff Order: -
The avalanche method (highest interest rate first) almost always saves the most total interest. The snowball method (smallest balance first) can still be the better real-world choice if the early quick wins keep you motivated to finish the plan.
Enter every debt's balance, annual interest rate, and minimum monthly payment, along with any extra amount you can put toward payoff each month. The calculator simulates both strategies month by month: minimum payments are made on every debt, and the extra payment is directed entirely at one target debt at a time. Once that debt is paid off, its full payment (minimum plus whatever extra was going to it) rolls onto the next target debt, accelerating payoff as you go.
Both methods pay off every debt with the same total monthly budget; only the order changes. The avalanche method will typically show a lower total interest and, in many cases, a slightly shorter payoff time, since the highest-rate balances stop accruing expensive interest sooner.
If you're confident you'll stay disciplined regardless of which debt you're targeting, the avalanche method is the more efficient choice on paper. If you've struggled to stick with a debt payoff plan before, the snowball method's early wins are a real behavioral advantage that can be worth more in practice than the extra interest saved by the avalanche method, since a plan you actually finish beats a theoretically optimal plan you abandon.
The snowball method pays off debts smallest balance first regardless of rate, building motivation from quick wins. The avalanche method pays off debts highest interest rate first, which minimizes total interest paid.
The avalanche method almost always saves more in total interest because it targets the most expensive debt first. The snowball method can still be the better real-world choice if it keeps you more motivated to stick with the plan.
Yes. Both methods pay the minimum on every debt and direct all remaining extra payment toward one target debt at a time; only the order in which debts are targeted differs.
Check your overall credit picture with the Credit Utilization Calculator and see a single-debt payoff timeline in detail with the Credit Card Payoff Calculator.
Want the background and formulas behind this calculator? Read the companion guide.
Explore other PraxisCalc tools related to this topic.