How much extra should I pay?

Even $100-200/month extra can save years and thousands in interest. Use the Debt-Free Date tab to find the exact amount needed for your target timeline.

Which method is better?

Avalanche saves more money. Snowball provides faster wins. The best method is the one you'll stick with. If you need motivation, use snowball. If you're disciplined, avalanche saves more.

Debt Payoff Calculator

Q: What is the debt snowball method?

The snowball method pays off your smallest debt first, regardless of interest rate. Once paid off, you roll that payment into the next smallest. It's psychologically motivating because you see debts disappear quickly.

Q: What is the debt avalanche method?

The avalanche method pays off the highest interest rate debt first. It saves the most money mathematically, but the first payoff might take longer. This calculator shows both side by side so you can choose.

Enter your debts. See your debt-free date. Compare snowball vs avalanche — and what $200/month extra can save you.

Enter your debts

Balance

APR

Min payment

$/mo

Balance

APR

Min payment

$/mo

Balance

APR

Min payment

$/mo

Extra monthly payment

$/mo

On top of minimum payments

—

How to Use This Calculator

Snowball vs Avalanche tab

Enter each debt with its balance, APR, and minimum payment. Add an extra monthly payment on top. The calculator simulates both strategies month-by-month and shows which saves more money, how much faster you'll be debt-free, and the payoff order.

Debt-Free Date tab

Set a target timeline (e.g., 36 months). The calculator determines exactly how much extra you need to pay each month to hit that target. Great for working backwards from a goal.

Share your plan

All debts and inputs are encoded in the URL. Share with your partner, financial advisor, or accountability buddy — they'll see your exact scenario.

The Formula

Snowball: Sort debts by balance (ascending) — pay off smallest first
Avalanche: Sort by interest rate (descending) — pay off highest rate first
Extra payment goes to the target debt; freed minimums cascade to the next

Both methods make the same minimum payments on all debts. The difference is where the extra payment goes. Avalanche minimizes total interest. Snowball provides faster psychological wins by eliminating small debts quickly.

Example

Tom — 3 debts, $48,000 total

Credit card ($8K at 22.9%), car loan ($15K at 6.5%), student loan ($25K at 5.5%). Extra payment: $200/month.

Avalanche: debt-free in43 months

Snowball: debt-free in45 months

Avalanche saves$1,200 interest

Vs minimum only24 months faster

Tom chose avalanche — the credit card at 22.9% was bleeding him $153/month in interest alone. He printed the payoff timeline and put it on his fridge. Every month he updates the numbers and shares the new link with his wife.

FAQ

What is the debt snowball method?▼

Pay off the smallest balance first, regardless of interest rate. The psychological win of eliminating a debt quickly motivates you to keep going. Dave Ramsey popularized this approach.

What is the debt avalanche method?▼

Pay off the highest interest rate first. This saves the most money mathematically. The trade-off: your first payoff might take longer, which can feel demotivating. But the numbers don't lie.

How much does $200/month extra save?▼

It varies by debt size and rates, but typically saves 2-5 years and thousands in interest. Enter your debts and try different extra payment amounts to see the impact. Even $50/month makes a significant difference.

Should I save an emergency fund first?▼

Most financial advisors recommend $1,000-$2,000 emergency fund before aggressive debt payoff. Without it, unexpected expenses go back on the credit card and undo your progress.

Related Calculators

Add This Calculator to Your Website

Embed the sum.money Debt Payoff calculator. Free, responsive, always up-to-date.