Can I use this for just one credit card?

Yes. Remove the other example debts and enter your card's balance, APR, and minimum payment. Add any extra payment you plan to make. Both methods give the same result for one debt.

What if I have no extra money to pay?

Set the extra amount to $0. When one debt is paid off, both methods apply its payment to the next debt. Your total monthly payment stays the same.

Why is there no payoff estimate?

The payments you entered don't pay off every balance within 100 years, where the calculation stops. Check your balances, rates, and minimums, then try increasing the extra payment.

Debt payoff calculator

Compare how long it takes to pay off your debts and how much interest you pay with each method.

Avalanche

Highest interest rate first

Debt-free in

2 years, 6 months

Interest: $3,532
Total paid: $22,532

Debts cleared

1. Credit cardmonth 25
2. Personal loanmonth 27
3. Car loanmonth 30

Snowball

Smallest balance first

Debt-free in

2 years, 7 months

Interest: $4,011
Total paid: $23,011

Debts cleared

1. Personal loanmonth 10
2. Credit cardmonth 28
3. Car loanmonth 31

The avalanche saves $479 in interest. The snowball pays off its first debt 1 year, 3 months sooner. Paying only these minimum amounts would take 7 years and cost $9,836 in interest.

Assumes the rates and minimum payments you enter stay the same. Interest is calculated monthly. New charges and fees aren't included.

Avalanche or snowball?

Enter each debt's balance, annual interest rate, and monthly minimum. Then add any extra amount you can pay each month. You can use this for one credit card or several debts.

How the two methods work

Avalanche puts extra money toward the highest interest rate first. Snowball starts with the smallest balance. Both pay the minimums on the other debts. When one debt is paid off, its payment goes toward the next debt.

An example

The example debts total $19,000. With $200 extra, you pay $755 a month. Avalanche pays them off in 30 months with about $3,532 in interest. Snowball takes 31 months and about $4,011 in interest.

The results list when each debt is paid off. A debt receiving only its minimum payment may finish before the one receiving extra payments.

Payment assumptions

Rates and the minimum amounts you enter stay the same throughout the estimate. Actual credit card minimums often fall with the balance.

The comparison with minimum payments alone uses those same fixed amounts, but stops each payment when its debt is paid off. It doesn't move that money to another debt. New charges and fees aren't included.

Common questions

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