Compare Debt Payoff Strategies
Compare snowball vs avalanche strategies to pay off multiple debts
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Strategy Comparison
About Debt Payoff Calculator
Compare two popular debt payoff strategies: Snowball (pay smallest debt first) and Avalanche (pay highest interest first). Choose the method that works best for your financial situation.
Strategy Comparison
- Snowball: Pay smallest balance first for quick wins and motivation
- Avalanche: Pay highest interest first to save more money
- Both methods require making minimum payments on other debts
- Extra payment goes to the priority debt
Frequently Asked Questions
Debt snowball method involves paying off debts starting with the smallest balance first, while making minimum payments on others. This provides psychological motivation as debts are eliminated quickly.
Debt avalanche method involves paying off debts starting with the highest interest rate first, while making minimum payments on others. This saves more money on interest over time.
Avalanche saves more money on interest, while snowball provides faster psychological wins. Choose avalanche if you're disciplined, or snowball if you need motivation to stay on track.
Debt payoff time depends on total debt amount, interest rates, minimum payments, and extra payment capacity. Use our calculator to compare both strategies and see total interest paid.