Debt Payoff Calculator
Compare the snowball and avalanche strategies to find the fastest, cheapest way to clear your debts.
Learn how this calculator works →Your debts
Any amount you can put toward debt beyond the minimum payments each month.
Compare to a consolidation loan (optional)
Enter a rate and term to model paying off all your debts with a single new loan. Leave blank to skip.
What happens to my data?
Strategy comparison
Avalanche
Snowball
Proportional
Both strategies are equal
The avalanche and snowball methods produce the same result for your debts.
How these strategies work
Avalanche method
Pay minimums on everything, then throw all extra money at the debt with the highest interest rate. This saves you the most money overall because you eliminate the most expensive debt first.
Snowball method
Pay minimums on everything, then throw all extra money at the debt with the smallest balance. You pay off individual debts faster, giving you psychological wins that help you stay motivated.
Proportional method
Pay minimums on everything, then split your extra money across debts in proportion to their balances. Slower than avalanche, less motivating than snowball, but treats every debt at once.
Avalanche payoff order
- 1Credit card
Snowball payoff order
- 1Credit card
Important: Not Financial Advice
This calculator is provided for educational and illustrative purposes only. Freedom Isn't Free is not authorised or regulated by the Financial Conduct Authority (FCA) and does not provide financial advice, investment recommendations, or tax guidance.
The projections shown are hypothetical, assume a constant rate of return, and do not account for inflation, taxes, or fees. Actual investment returns vary and you may get back less than you invest. Past performance is not a reliable indicator of future results.
Before making any financial decisions, please consult with an independent financial adviser regulated by the FCA. For help finding an adviser, visit MoneyHelper or Unbiased.
Where links to financial products appear on this page, some may be affiliate links. See our full disclaimer for details.
Something not right? Contact us
Enjoying the content?
If this site has been useful, a coffee goes a long way.