Wealthy PotDebt Payoff Calculator
Compare the snowball and avalanche methods to pay off your debts faster and cheaper.
Compare two proven payoff strategies
Add your debts — balances, APRs, and minimum payments — plus any extra you can pay each month. The calculator simulates both the avalanche (lowest cost) and snowball (fastest wins) methods, showing how many months each takes and how much interest you'd pay.
How to use it
- Enter each debt's balance, interest rate, and minimum payment.
- Add the extra amount you can put toward debt monthly.
- Compare the two methods — note the interest difference highlighted below the results.
Lower your rates while you pay
Paying down debt is faster when the interest rate is lower. Before you commit to a plan, see whether you can cut your APR — our guide on lowering loan interest rates covers negotiation, balance transfers, and consolidation.
Frequently Asked Questions
What is the difference between snowball and avalanche?
The avalanche method puts extra money toward your highest-APR debt first, which costs the least interest overall. The snowball method targets the smallest balance first for quick wins and motivation. Both pay minimums on everything else.
Which method should I choose?
Avalanche saves the most money. Snowball can keep you motivated with faster early payoffs. The calculator shows both so you can weigh the interest difference against the psychological boost.
How does the extra payment help?
Every dollar above the minimums attacks one target debt at a time. Once a debt is cleared, its payment rolls into the next — accelerating payoff and cutting total interest.