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Debt Payoff Calculator: Snowball vs Avalanche

Snowball vs avalanche: payoff time, interest and order.

Debt 1
Debt 2
Use via API

Compare the avalanche (highest APR first) and snowball (smallest balance first) debt payoff strategies: months to debt-free, total interest and payoff order. Send JSON, get JSON back.

POST https://pithlab.com/api/v1/tools/debt-payoff-calculator

curl https://pithlab.com/api/v1/tools/debt-payoff-calculator \
  -H "Authorization: Bearer $PITHLAB_KEY" \
  -H "Content-Type: application/json" \
  -d '{"debts":"[{\"name\":\"Credit card\",\"balance\":4000,\"apr\":22.9,\"minimum\":100},{\"name\":\"Car loan\",\"balance\":8000,\"apr\":6.5,\"minimum\":220},{\"name\":\"Store card\",\"balance\":900,\"apr\":18.9,\"minimum\":35}]","extra":200}'

Fields and responseOpenAPI documentGet an API key

About the Debt Payoff Calculator

List your debts and an extra monthly budget to compare the snowball and avalanche payoff methods: debt-free date, total interest and the order each debt clears.

How to use the Debt Payoff Calculator

  1. Enter each debt's name, balance, APR and minimum monthly payment. Add a row for every debt.
  2. Enter any extra amount you can pay each month on top of the minimums.
  3. Compare the avalanche and snowball plans: how long each takes, the total interest, and when each debt is cleared.

Examples

Three debts with 300 extra a month

Input

Medical bill 900 at 0% (min 50), credit card 4,500 at 23.99% (min 135), car loan 9,000 at 7% (min 250), extra 300

Output

Avalanche: debt-free in 1 year 10 months, total interest 1,345.38. Snowball: debt-free in 1 year 10 months, total interest 1,494.26. Avalanche saves 148.88 in interest.
A budget that never clears the debt

Input

Card 5,000 at 24% (min 100), no extra

Output

A monthly budget of 100.00 never clears these debts (not within 100 years): the payments barely cover, or don't cover, the interest. Raise the extra payment or the minimums.

Frequently asked questions

What is the difference between the snowball and avalanche methods?

Both pay the minimum on every debt and put all spare money on one target. Avalanche targets the highest interest rate first, which always costs the least interest. Snowball targets the smallest balance first, so you clear whole debts sooner, which many people find more motivating.

What happens when a debt is paid off?

Its minimum payment rolls over to the next target. Your total monthly budget (all the minimums plus the extra) stays the same until everything is cleared, which is what makes both methods speed up over time.

How is interest calculated?

Each month every open balance is charged its APR ÷ 12, rounded to the cent, before payments are made. Real lenders may compound daily, charge fees or change rates, so treat the result as a close estimate.

Why does it say my debts are never paid off?

If your monthly budget doesn't cover the interest being added, the total keeps growing. The calculator stops after 100 years. Add an extra payment until the plan finishes.