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Debt Payoff CalculatorSnowball vs Avalanche

What do these figures come to once the work is shown?

Months to debt-free and total interest for up to four debts paid smallest balance first or highest rate first, with an extra monthly payment.

  • Runs in your browser
  • Nothing stored or sent
  • Free, no sign-up
Your figures
Example figuresIllustrative only. Type over them with your own.
Months to debt-free, avalanche (highest rate first)
35.00
Same total monthly payment every month
Total interest, avalanche
$5,754
Months to debt-free, snowball (smallest balance first)
36.00
Drawn to one scale
Total interest, avalanche$5,754
Total interest, snowball$6,289
Interest saved by avalanche$535
Total starting balance$20,000
All results
MeasureResult
Months to debt-free, avalanche (highest rate first)35.00
Total interest, avalanche$5,754
Months to debt-free, snowball (smallest balance first)36.00
Total interest, snowball$6,289
Interest saved by avalanche$535
Total starting balance$20,000
How this was worked out
Work shownrecomputed as you type
Each month: interest = balance x APR / 12, then pay every minimum
Extra money and freed-up minimums go to one target debt
Avalanche target = highest rate; snowball target = smallest balance

Illustrative arithmetic on the figures you enter. Check the result against your firm's methodology before relying on it.

The formulas

  • Each month: interest = balance x APR / 12, then pay every minimum
  • Extra money and freed-up minimums go to one target debt
  • Avalanche target = highest rate; snowball target = smallest balance

How it works

Both methods pay the minimum on every debt and put all remaining money on one debt. The total paid each month stays constant, so when a debt is cleared its payment rolls onto the next target.

Avalanche targets the highest rate and always costs the least interest. Snowball targets the smallest balance, which clears debts sooner. The tool shows both so you can see the price of the quick wins. It assumes no new charges, fixed rates and interest each month on the balance at the start of the month, before that month's payments.

Illustrative figures only. Check the result against your firm's methodology before relying on it.

Common questions

Why can the answer be blank?

If minimum payments plus extra cannot cover monthly interest, the debt never clears within 100 years.

Do promotional rates matter?

Enter the rate that applies after the promotion, or run the tool twice.

Can the snowball ever cost the same?

Yes, when the smallest balance also has the highest rate.

Formulas on this page are the standard definitions.

Runs in your browser. The figures you type are not sent to CORAA or stored. Check the result against your firm's methodology before relying on it.

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