Debt Snowball vs Avalanche Calculator

How to compare the debt snowball and avalanche

1. List each debt on its own line: a name, the balance, the interest rate and the minimum payment, separated by commas.
2. Enter the extra amount you can pay each month on top of the minimums.
3. Compare the months to be debt free, the total interest and the order the debts are paid off.

Frequently asked questions

What is the difference between the two methods?

Both pay every minimum and put the extra money on one debt. The snowball targets the smallest balance first, for quick wins; the avalanche targets the highest interest rate first, which costs less in interest.

What happens when a debt is paid off?

Its minimum payment rolls into the extra payment for the next debt, so the monthly total stays the same until everything is paid.