Debt Payoff Calculator
Enter your debts, compare avalanche vs snowball strategies, and find your debt-free date. See how extra payments save you thousands.
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Payoff Calculators by Debt Type
Credit Card Debt
15-28% APR
Student Loan Debt
4-8% (federal), 3-15% (private)
Car Loan
4-10% APR
Medical Debt
0% (payment plans) to 10%+ (if sent to collections)
Personal Loan
6-36% APR
Mortgage
5.5-7.5% (2025-2026 rates)
Payday Loan
300-500% effective APR
Buy Now Pay Later (BNPL)
0% (on-time) to 25-30% (late/deferred)
Avalanche vs Snowball: Which Method Is Best?
Avalanche Method
Pay minimums on everything, then put all extra money toward the debt with the highest interest rate.
- + Saves the most money in total interest
- + Mathematically optimal
- - Can feel slow if highest-rate debt is large
Snowball Method
Pay minimums on everything, then put all extra money toward the debt with the smallest balance.
- + Quick wins boost motivation
- + Fewer debts to track sooner
- - Costs more in total interest
How to Pay Off Debt Faster in 2026
The average American household carries $104,000 in debt. The two most popular strategies are the avalanche method (highest interest first) and the snowball method (smallest balance first). The avalanche saves more money; the snowball has higher completion rates.
Even $100 extra per month on $20,000 of credit card debt at 22% saves over $14,000 in interest. Use the calculator above to see the exact impact for your situation.
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Frequently Asked Questions
What is the avalanche method?
The avalanche method means paying minimums on all debts and putting extra money toward the debt with the highest interest rate. Once that debt is paid off, you move to the next highest rate. This method saves the most money on interest over time.
What is the snowball method?
The snowball method means paying minimums on all debts and putting extra money toward the smallest balance first. Once paid off, you roll that payment into the next smallest debt. This method provides quick wins that keep you motivated.
How much extra should I pay toward debt each month?
Any extra amount helps. Even $50 extra per month can save thousands in interest and shave years off your payoff timeline. The more you can pay above minimums, the faster you become debt-free. Use the calculator above to see the exact impact.