Compare your payoff order
Enter up to three balances, their APRs, required minimum payments, and an extra monthly amount. The calculator estimates interest and payoff time when the extra amount goes first to the smallest balance or first to the highest APR. It rolls freed minimum-payment amounts into the remaining payoff budget as accounts are cleared.
How the debt snowball works
With the snowball method, you keep paying the minimums and direct available extra money to the smallest balance. Paying off an account sooner can make progress visible and free that payment for the next balance.
How the debt avalanche works
With the avalanche method, you keep paying minimums and focus extra money on the highest APR. This usually reduces interest under fixed-rate assumptions, although a large high-rate balance may take longer to clear than a smaller balance.
Choose a plan you can keep using
Compare both estimates with the monthly amount you can reliably pay. The lowest modeled interest is useful information, but a plan also needs to fit your cash flow. Keep minimum payments current and contact creditors if you cannot make them.
Limits of the estimate
This calculator assumes fixed APRs, monthly interest, no new charges, no fees, and consistent payments. It does not model changing minimum-payment formulas, promotional rates, collections, hardship plans, or negotiated settlements. Check creditor statements and terms for your actual obligations.
Frequently asked questions
What is the difference between debt snowball and avalanche?
Snowball directs extra money to the smallest balance first. Avalanche directs extra money to the debt with the highest interest rate first, while minimum payments continue on the others.
Which method usually costs less interest?
When rates and payments are otherwise the same, directing extra payments to the highest-rate balance generally minimizes interest. Your results depend on the inputs and payment timing.
Does this calculator include all my debts?
It compares up to three balances. Enter each balance, APR, and required minimum payment, then enter any extra amount you can put toward debt each month.
What assumptions does the comparison make?
It assumes fixed APRs, no new purchases or fees, monthly interest, on-time minimums, and a consistent monthly payoff budget. Lender calculations and minimum-payment rules may differ.
Sources and related guidance
Related tools: Use this calculator again, browse all money guides, or learn how My Clear Money builds its estimates.