Loans · debt
Debt Repayment Calculator
When you'll be debt-free and the interest you'll pay, avalanche vs snowball.
Your debts
Avalanche or snowball?
Both methods pay the minimum on every debt and put any extra money on one debt at a time. The avalanche method targets the highest interest rate first, which always costs the least interest. The snowball method clears the smallest balance first, which gives quicker wins and helps some people stick with it.
Credit cards at 20% or more usually come first under either method. If you own a home, a lower-rate line of credit or consolidation loan can cut the interest; see the payment on one with the loan repayment calculator.
Find room for extra payments in your take-home pay, or check what you own and owe with the net worth calculator.
Frequently asked questions
Which is better, debt avalanche or snowball?
Avalanche saves the most interest because the highest-rate debt goes first. Snowball pays off small debts sooner, which keeps some people motivated. The calculator shows the difference for your debts.
How long will it take to pay off $6,000 on a credit card?
At 20.99% with $180 a month, about 4 years 3 months and roughly $3,100 of interest. Paying $380 a month cuts it to about 1.5 years and $1,100 of interest.
Should I pay off debt or save?
Pay off debt above about 7% to 8% interest first, after a small emergency fund. Below that, saving or investing, especially with an employer match, can come out ahead.
Does paying more than the minimum help?
Yes. Every dollar above the minimum goes straight to the balance, so it cuts both the time and the total interest.
Plan the next step for your home
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