Debt snowball vs avalanche
Add your debts and a monthly extra amount. We simulate both strategies and compare the results.
The avalanche saves about $166 in interest.
Snowball pays the smallest balance first. Avalanche pays the highest APR first.
How it works
Both methods pay every minimum, then send all remaining money to one target debt. The snowball targets the smallest balance first. The avalanche targets the highest APR first. When a debt is paid off, its payment rolls into the next target.
Avalanche usually costs less interest. Snowball can feel faster because early wins come sooner.
Example
With the sample inputs shown above (Extra monthly payment ($) = 100), the calculator returns: Snowball: 3 yr ; Avalanche: 3 yr .
Things to know
Enter every debt, including small ones, and use the minimum payment from each statement. Set the extra amount to what you can pay every month, not just this month. If the two methods finish within a few months of each other, choose the one that keeps you motivated.