How to Use This Calculator
- List All Debts: Gather your latest statements for credit cards, student loans, and auto loans. Enter the Balance, Interest Rate, and Minimum Payment for each.
- Determine Your 'Snowball': The "Monthly Extra Budget" field is crucial. This is the amount you can pay above the minimums. Even $50 extra makes a huge difference.
- Select Your Strategy: logic automatically applies your extra budget to the target debt based on the strategy you choose (Snowball vs Avalanche).
Snowball vs. Avalanche: Which is Right for You?
Paying off debt is as much about psychology as it is about math. The two most popular strategies offer different benefits:
| Feature | Snowball Method | Avalanche Method |
|---|---|---|
| Priority | Lowest Balance First | Highest Interest Rate First |
| Psychological Benefit | High (Quick wins boost motivation) | Low (Progress feels slower initially) |
| Interest Savings | Moderate | Maximum (Mathematically optimal) |
| Best For | People who need motivation | People driven by numbers/efficiency |
Frequently Asked Questions
Does this calculator save my data?
No. All data is processed locally in your browser for
your privacy. We do not store or transmit your financial
details to any server.
What if I have a 0% interest debt?
Enter "0" in the rate field. The calculator will treat
it accordingly. In the Avalanche method, this debt will
be prioritized last.