Advanced Debt Payoff Calculator
Optimize your debt repayment strategy. Compare snowball vs avalanche methods and calculate your fastest path to becoming debt-free.
Debt Information
| Name | Balance | Rate | Payment |
|---|---|---|---|
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Payoff Parameters
Snowball Method
Avalanche Method
Projected Payoff Timeline
3.5 years
Compared to 5.2 years with minimum payments
$2,850
Interest Saved
$48,250
Total Paid
18
Months Sooner
Total Debt
$45,000
Current combined balance
Average Interest Rate
8.91%
Weighted average across all debts
Payoff Schedule
| Debt | Current Balance | Interest Rate | Monthly Payment | Payoff Date | Interest Paid |
|---|---|---|---|---|---|
| Credit Card | $5,000 | 18.99% | $350 | 1.5 years | $850 |
| Car Loan | $15,000 | 7.25% | $350 | 3.2 years | $1,250 |
| Student Loan | $25,000 | 5.50% | $300 | 3.5 years | $2,150 |
Debt Payoff Strategies
Debt Snowball
Pay off debts from smallest to largest balance. This method provides quick wins to build momentum.
- Best for motivation
- Quick early victories
- Simplifies number of debts faster
Debt Avalanche
Pay off debts from highest to lowest interest rate. This method saves the most on interest.
- Saves the most money
- Mathematically optimal
- Best for high-interest debt
Custom Strategy
Create your own payoff order based on personal factors like emotional burden or loan terms.
- Flexible approach
- Account for special circumstances
- Balance between methods