Debt Payoff Calculator
Calculate how long it takes to pay off any debt and compare avalanche vs snowball strategies.
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US Debt Statistics (2026)
Source: Federal Reserve (2026)
Frequently Asked Questions
What is the debt avalanche method?
Pay minimums on all debts, then put every extra dollar toward the highest interest rate debt first. Once that is paid off, roll that payment to the next highest rate. This method saves the most money in interest over time and is mathematically optimal. Best for people who are motivated by numbers and long-term savings.
What is the debt snowball method?
Pay minimums on all debts, then attack the smallest balance first regardless of interest rate. Each payoff gives a psychological win and frees up cash flow. Research shows snowball users pay off debt faster in practice because the motivation keeps them going. Best for people who need early wins to stay on track.
How much extra should I pay toward debt each month?
Even an extra $50-$100/month makes a dramatic difference. On a $25,000 debt at 18% APR with $600 minimum payments, an extra $200/month cuts payoff time from 5.5 years to 3.2 years and saves over $4,000 in interest. Use any windfalls (tax refunds, bonuses) as lump-sum extra payments for maximum impact.