Debt payoff calculator: Which debt should I pay off first?
List your debts and what extra you can pay each month. Compare the snowball and avalanche methods side by side.
How Snip does the math
Each month, every debt gets its minimum payment.
Your extra goes to one target. Avalanche picks the highest APR. Snowball picks the smallest balance.
When a debt is paid off, its minimum rolls to the next target. Minimums stay fixed, and there are no new charges.
Questions, answered
Is the snowball or avalanche method better?
Avalanche usually costs less, because the highest-rate debt goes first. Snowball pays off the smallest balance first, so you see progress sooner. The better method is the one you will keep using.
How long will it take to pay off my debt?
Enter each balance, APR, and minimum payment, plus any extra you can pay. The calculator shows your debt-free date for each method.
Why is 'minimum payments only' so slow?
In that plan, each debt gets only its own minimum, and nothing rolls over when a debt is paid off. Real card minimums usually fall as the balance falls, which can make payoff even slower.
Should I consolidate instead?
A consolidation loan can help if its rate is lower than your cards and you stop adding new charges. Use the debt consolidation calculator to compare.
