Enter your debts, minimum payments, interest rates, and extra payment to see whether the debt avalanche method saves money versus the debt snowball method.
The avalanche method pays every minimum, then sends extra money to the debt with the highest interest rate first. It is usually the strongest math-first strategy.
The snowball method pays every minimum, then sends extra money to the smallest balance first. It is often used when motivation matters more than pure math.
This debt payoff calculator is designed for beginner planning, not lender-grade amortization. Add each consumer debt with its balance, annual percentage rate, and required minimum payment. Then enter the extra amount you can pay above all minimums each month. The calculator compares two common payoff orders: debt avalanche and debt snowball.
The key number is the headline savings estimate. Instead of making you compare two timelines manually, MyMoneyAnswer calculates how much estimated interest the avalanche method saves versus snowball for the same debts and same monthly payment. If that number is large, the math-first avalanche method may be worth the patience. If the number is small, the motivation-first snowball method may be easier to follow.
The slider lets you test how an extra payment changes both payoff methods. A small increase can matter because debt interest compounds against you. If a balance has a high annual percentage rate, sending even an extra $50 or $100 to the target debt can shorten the timeline and lower interest. Use a number you can repeat without missing rent, food, insurance, minimum debt payments, or emergency savings.
In the United States, Federal Reserve data for commercial banks showed credit card accounts assessed interest averaging above 20 percent in early 2026. In Canada, the Financial Consumer Agency of Canada explains common credit card interest examples around 19 percent for purchases and 22 percent for cash advances. These numbers are only context. Your exact annual percentage rate, promotional rate, fees, and minimum payment formula matter more than any national average.
If high-interest balances are crowding your budget, pair this page with the minimum payment trap guide and the credit card debt payoff guide. If you are choosing between a small emergency fund and extra debt payments, read pay off debt or save money first before sending every spare dollar to one goal.
This tool assumes no new debt, no late fees, no annual fees, stable minimum payments, and simplified monthly interest. Lenders may calculate interest daily, apply payments differently, change minimums as balances fall, or apply promotional rate rules. Use the result as a planning estimate, then confirm details with each lender before making a major debt decision.