Free Tools
Debt Payoff Calculator
Simulate debt payoff with the snowball or avalanche method — see time to clear, total interest, and payoff order. Free.
Debt list
Note
Snowball motivates (clear one debt fast); Avalanche saves the most interest. The simulation simplifies; real figures may differ. An estimate based on your assumptions; real investments fluctuate and carry risk. This isn't financial advice — consider consulting a financial planner.
Payoff simulation
Payoff order
- 1. Credit Card
- 2. Vehicle Loan
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Understanding payoff strategies
Snowball
Pay off the SMALLEST balance first (while paying minimums on others). It gives motivating 'quick wins' even if it's not always the cheapest on interest.
Avalanche
Pay off the HIGHEST-interest debt first. Mathematically the cheapest on total interest, though it needs discipline as early progress feels slower.
Extra funds
Money above the minimum payments to speed up the priority debt. The larger the extra, the faster the payoff and the less interest.
FAQ
Frequently asked questions
What are the debt snowball and avalanche methods?
Snowball pays the smallest balance first for motivation; avalanche pays the highest interest first to save interest. Both pay minimums on all debts, then direct extra funds to the priority debt.
Which is better, snowball or avalanche?
Avalanche is mathematically cheapest on interest. Snowball is more motivating with quick wins. Pick the one you can run consistently — consistency matters more than a small interest difference.
How do I pay off debt faster?
Add extra funds above minimums and direct them to one priority debt until cleared, then 'roll' the funds to the next. Also cut interest by negotiating or consolidating where possible.
Is this simulation accurate?
It's a simplifying estimate (monthly interest, fixed extra). Real figures depend on each debt's terms and payment consistency. Use it as a strategy picture, not exact numbers.
Should I save first or pay off debt?
Generally set aside a small emergency fund first, then prioritize high-interest debt (e.g. credit cards) as its interest often exceeds investment returns. Then balance saving and paying down.
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