Find your debt-free date. Compare avalanche vs snowball payoff strategies.
Enter a single debt below to calculate payoff time and interest.
Even a small extra payment each month can dramatically reduce your payoff time and total interest. On a $8,500 credit card balance at 19.99% APR, paying $250/month takes about 48 months and costs $3,400 in interest. Adding just $100/month cuts that to 30 months and saves over $1,200.
The avalanche method (highest rate first) is mathematically optimal and saves the most money. The snowball method (smallest balance first) provides quicker psychological wins which helps many people stay motivated. Both work — choose the one you'll stick with.
For informational and educational purposes only. Not financial advice.