Debt payoff calculator
Snowball or avalanche: which clears your debts first, and what does each cost? List your cards and loans, add what extra you can pay, and get a month-by-month plan with your debt-free date, then see if a consolidation loan or balance transfer beats it.
Quick answer: With $36,500 across two credit cards, a car loan and a student loan, paying $300 a month on top of the $685 of minimums, the avalanche method clears everything in 42 months with $4,835 of interest, and the snowball in 43 months with $4,944. Paying only the minimums takes 117 months and costs $12,155.
By John Crane, MBA & the Editorial Team · Updated for the 2026 tax year. How we check our numbers
Avalanche: debt-free
Apr 2030
In 42 months with $4,835 of interest. Minimums alone take 117 months and $12,155.
| Balances today | $36,500 | 88.3% |
|---|---|---|
| Interest to come | $4,835 | 11.7% |
- Total owed
- $36,500
- Monthly payment
- $985
- Interest
- $4,835
- Interest saved vs minimums
- $7,321
- Months saved
- 75
- First debt gone
- Oct 2027
Strategies side by side
| Strategy | Debt-free | Interest | Monthly |
|---|---|---|---|
| Avalanche (chosen) Highest rate first: the least interest | 42 mo | $4,835 | $985 |
| Snowball Smallest balance first: the quickest early wins | 43 mo | $4,944 | $985 |
| Minimums only No extra, no rollover | 117 mo | $12,155 | $685 |
Payoff order
| Debt | APR | Balance | Paid off | Interest |
|---|---|---|---|---|
| 1. Credit card | 24.99% | $4,200 | Oct 2027 | $574 |
| 2. Store card | 18.99% | $1,800 | Jan 2028 | $353 |
| 3. Car loan | 7.5% | $12,500 | Jan 2029 | $1,351 |
| 4. Student loan | 5.5% | $18,000 | Apr 2030 | $2,557 |
Balances over time
Month by month
42 months| Month | Paid | Interest | Still owed | Paid off |
|---|---|---|---|---|
| 1 Nov 2026 | $985.00 | $276.58 | $35,792 | |
| 2 Dec 2026 | $985.00 | $267.39 | $35,074 | |
| 3 Jan 2027 | $985.00 | $258.04 | $34,347 | |
| 4 Feb 2027 | $985.00 | $248.54 | $33,611 | |
| 5 Mar 2027 | $985.00 | $238.87 | $32,864 | |
| 6 Apr 2027 | $985.00 | $229.03 | $32,108 | |
| 7 May 2027 | $985.00 | $219.02 | $31,342 | |
| 8 Jun 2027 | $985.00 | $208.83 | $30,566 | |
| 9 Jul 2027 | $985.00 | $198.47 | $29,780 | |
| 10 Aug 2027 | $985.00 | $187.92 | $28,983 |
Each debt's minimum is held at today's amount, and the monthly total stays the same, so a paid-off debt's payment rolls into the next one. Card minimums usually shrink as the balance falls, which makes minimums-only even slower than shown.
How this is calculated
The plan
Each month every debt earns interest at its APR / 12 and gets its minimum payment. The rest of your monthly total goes to one target debt; when it is paid off, its payment rolls into the next. Your monthly total stays the same until everything is paid.
Snowball vs avalanche
Avalanche targets the highest interest rate first, which always costs the least interest. Snowball targets the smallest balance first, which pays off whole debts sooner; many people stick with a plan better when they see debts disappear.
Consolidation
The consolidation loan takes the debts that charge more than its rate and replaces them with one fixed payment, origination fee added. The balance transfer moves debts at 15% APR or more to one card, adds the transfer fee, and charges 0% during the promo and the APR after. Both keep your monthly total and keep the plan going on the rest.
Sources
Related guides
- Debt avalanche vs snowball: which pays off debt faster?The two classic payoff orders compared on a real set of debts: interest paid, months to debt-free, and when the snowball's quick wins are worth the cost.
- How credit card interest works, and the minimum payment trapHow APR becomes a daily charge, why minimum payments can stretch a balance over decades, and how much a fixed payment or balance transfer saves.
Questions
Is the snowball or avalanche method better?
Avalanche saves the most money because the costliest debt goes first. Snowball can be easier to stick with because small debts disappear quickly. When your highest-rate debt is also your smallest, they are the same plan.
How much faster does an extra payment get me out of debt?
Usually a lot. With the example debts above, paying $300 a month more than the minimums makes you debt-free years sooner and saves thousands in interest. Change the extra amount to see your own numbers.
When does a balance transfer make sense?
When you can pay off most of the balance during the 0% period. The 3% to 5% fee is charged up front, so if you would carry the balance long after the promo ends, a lower fixed-rate loan may cost less.