Debt Payoff Calculator
See when you'll be debt-free using avalanche or snowball method.
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Payoff Order
Avalanche vs. Snowball: Which Method Wins?
The avalanche method pays the highest-interest debt first, then rolls payments to the next. This minimizes total interest paid, it is mathematically optimal.
The snowball method pays the smallest balance first. It costs slightly more in total interest, but the psychological wins from eliminating accounts quickly can help people stay motivated. Research by the Harvard Business Review found that people who use the snowball method are more likely to complete their debt payoff.
The best method is the one you'll actually stick to. Use the calculator above to see the dollar difference, if it's small, choose whichever method keeps you motivated.
Once you're debt-free, start building wealth
A fee-only financial advisor can help you put that monthly payment to work in a tax-optimized investment plan.
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