When will I be debt-free?
two popular ways to pay off several debts: snowball (smallest balance first, for quick wins) and avalanche (highest rate first, for less interest). this calculator runs both on your numbers and shows the difference in months and dollars. the extra payment is the lever: even $50 changes the picture.
on top of all the minimums
- total interest (avalanche)
- $1,449
- total interest (snowball)
- $1,449
- avalanche saves
- same either way
Finn says: with one debt there's no strategy, there's just paying it. an extra $100 a month gets you out in 2 years and 2 months.
assumptions
- Interest accrues monthly at each APR; minimums are paid first, then every spare dollar goes to one debt.
- When a debt is paid off, its minimum rolls into the next one.
This is a planning tool, not financial advice.
learn this in two minutes in the app
common questions
snowball or avalanche?
avalanche saves the most interest. snowball gives you a paid-off account sooner, which keeps many people going. the calculator shows the gap; if it is small, pick the one you will stick with.
why does the calculator say "minimums too low"?
the payments you entered do not cover the interest each month, so the balances would never shrink. raise the extra payment or check the minimums and rates you typed.
should I pay off debt or invest?
high-rate debt, like a 24% credit card, almost always comes first, because paying it off is a guaranteed 24% return. for low-rate debt the answer depends on your situation.