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Debt Payoff Calculator
See exactly when you'll be debt-free and how much interest you'll save — compare the debt snowball and debt avalanche side by side.
Short answer
To pay off debt fastest and cheapest, pay minimums on everything and throw every extra dollar at one debt at a time. The avalanche targets your highest APR first (lowest total interest); the snowballtargets your smallest balance first (fastest wins to stay motivated). Enter your debts below to see both timelines and the interest you'd save.
Avalanche
Highest APR first · least interest
2 yr 4 mo
to debt-free
- Total interest
- $2,115
- Payoff order
- Store card → Credit card → Car loan
Snowball
Smallest balance first · fastest wins
2 yr 4 mo
to debt-free
- Total interest
- $2,248
- Payoff order
- Credit card → Store card → Car loan
The avalanche method saves you $134 in interest versus the snowball for these debts.
Popular payoff plans
Credit-card payoff time at 22% APR
| Credit-card debt | Minimum payment | Minimums only | With +$200/mo |
|---|---|---|---|
| $3,000 of credit card debt | $60 | 137 mo · $5,207 interest | 14 mo · $402 interest |
| $5,000 of credit card debt | $100 | 137 mo · $8,678 interest | 21 mo · $1,022 interest |
| $10,000 of credit card debt | $200 | 137 mo · $17,356 interest | 34 mo · $3,500 interest |
| $15,000 of credit card debt | $300 | 137 mo · $26,034 interest | 44 mo · $6,977 interest |
| $20,000 of credit card debt | $400 | 137 mo · $34,712 interest | 52 mo · $11,192 interest |
| $30,000 of credit card debt | $600 | 137 mo · $52,068 interest | 65 mo · $21,220 interest |
| $50,000 of credit card debt | $1,000 | 137 mo · $86,781 interest | 80 mo · $45,347 interest |
22% APR (the ~2026 average card rate) with a fixed minimum of 2% of the starting balance (floor $25). Real card minimums re-shrink as the balance falls, which stretches payoff even longer — the calculator models your actual cards.
Debt snowball vs debt avalanche
Both methods pay the same total each month — the only difference is which debt gets your extra payment. The avalanche orders debts by interest rate, so you kill the most expensive balance first and pay the least interest overall. The snowball orders by balance, so you clear a whole debt quickly and free up its minimum payment — a psychological win that keeps many people going. This calculator runs both so you can see the trade-off in dollars and months.
How we calculate this
Every number on this page comes from the same month-by-month simulation the calculator runs — no closed-form approximation:
- Monthly simulation. each month every debt accrues interest at APR ÷ 12, minimum payments go to every debt, and all spare cash attacks one priority debt until everything reaches zero.
- Snowball order. lowest balance first — fastest wins, best for motivation. When a debt dies, its freed minimum rolls into the attack budget.
- Avalanche order. highest APR first — mathematically least total interest. The tool shows both side by side so you can see exactly what the motivation of snowball costs in dollars.
Assumptions
- APRs stay fixed and no new charges are added — new spending on a card being paid off resets the math.
- Payments land on time; late fees and penalty APRs are not modeled.
- Educational estimates, not credit counseling — a nonprofit counselor can help if minimums aren't sustainable.
Sources
Last reviewed: July 13, 2026
Frequently asked questions
What's the difference between the debt snowball and debt avalanche?+
The debt snowball pays off your smallest balance first (regardless of interest rate), giving you quick wins that keep you motivated. The debt avalanche pays off your highest-APR debt first, which costs the least in total interest. Mathematically the avalanche always saves the most money; the snowball often wins in practice because people stick with it. This calculator shows both side by side.
Which is better, snowball or avalanche?+
If you'll stay disciplined either way, choose the avalanche — targeting your highest interest rate first means you pay the least total interest and get out of debt fastest. If you need momentum to stay on track, the snowball's early payoffs are worth the small extra interest cost. Compare the two totals above and pick the plan you'll actually finish.
How do I pay off credit card debt faster?+
Two levers matter most: pay more than the minimum every month, and direct every extra dollar at a single target debt while paying minimums on the rest. Even $100 extra a month can cut years off a plan. Lowering your APR (via a balance transfer or a lower-rate loan) helps too, because less of each payment is lost to interest.
How long will it take to pay off my credit cards?+
It depends on your balances, interest rates, and how much you pay each month. Minimum-only payments on high-APR cards can take decades because most of each payment goes to interest. Enter your debts and an extra monthly amount above to see the exact number of months — and how much sooner an extra payment gets you there.
Does the order I pay my debts in really matter?+
Yes, for total interest. Paying your highest-APR debt first (avalanche) minimizes interest because you kill the most expensive balance soonest. Paying smallest-balance first (snowball) costs a bit more interest but frees up a minimum payment quickly, which some people find easier to sustain. The monthly total you pay is the same either way — only the targeting order changes.
Should I pay off debt or save first?+
A common approach: keep a small starter emergency fund (about $1,000), then aggressively pay down high-interest debt, since a 22% credit-card APR costs far more than a savings account earns. Once high-interest debt is gone, redirect those payments into savings and investing. This calculator focuses on the payoff phase.
This tool provides estimates for planning only and is not financial advice. It assumes fixed interest rates and consistent monthly payments; your actual payoff can vary with rate changes, new charges, and fees. Consult a financial professional for personal guidance.