How can you get out of debt faster?

Compare two methods for paying off your debts and see how much interest you save.

—

Educational estimate based on the data you enter. It doesn't include taxes or future changes. It's not an offer or personalized advice.

Watch the video that explains it More calculators

How it's calculated

Each month interest is added to every debt, all minimum payments are made, and the money left over (the extra payment plus the payments of debts that are already paid off) goes to a single debt.

Avalanche: the extra goes to the debt with the highest rate. It's mathematically the cheapest in interest. Snowball: the extra goes to the debt with the smallest balance; you finish debts sooner and that keeps you motivated. Both are calculated with your numbers.

Watch out for this

While you get organized, always pay at least the minimum on every debt.
Avoid taking on new debt to pay off old debt if the rate is higher.
If a minimum payment doesn't even cover the interest, the debt grows: we warn you.

Frequently asked questions

Questions about this calculator

Still have a question? Write to us

Which method should I choose?

If you want to spend less on interest, avalanche. If you need motivation from quick wins, snowball. With your numbers, the calculator shows you the difference.

Other calculators

True cost of a loan How much you pay in total, how much of it is interest, and the effective annual rate. Calculate "Interest-free" installments vs. paying cash Find out whether paying in installments or taking the cash discount is the better deal. Calculate Card cashback with a cap How much you really save with a cashback that has a monthly cap. Calculate Budget by paycheck Split your pay between needs, wants and savings with a simple rule. Calculate Term savings vs. inflation How much your savings grow, and how much of that is real profit after inflation. Calculate Pay off debt or save? Compare the interest you avoid by paying off a debt with what you'd earn by saving. Calculate