Debt Consolidation Calculator
Drowning in multiple payments? See how consolidation could save you thousands in interest and simplify your financial life.
Existing Debts
Consolidation Loan Offer
Payoff Trajectory
How this Snowball vs. Avalanche Calculator works
This calculator helps you simulate two popular debt payoff strategies: the Debt Snowball (paying smallest balances first for psychological wins) and the Debt Avalanche (paying highest interest rates first for mathematical efficiency). By entering your current debts, interest rates, and extra monthly payment budget, we calculate your debt-free date and total interest saved for each method.
Why this matters for your wealth
High-interest consumer debt destroys wealth. The average credit card interest rate is over 20%, meaning your debt doubles every few years if not paid aggressively. Having a concrete plan reduces financial anxiety and helps you stay disciplined. Whether you choose the motivation of the Snowball or the math of the Avalanche, the most important step is to start paying extra today.
Frequently Asked Questions
Which method is better: Snowball or Avalanche?
Mathematically, the Avalanche method saves the most money. However, the Snowball method is often more effective psychologically because clearing small debts quickly keeps you motivated to continue.
Should I consolidate my debt?
Debt consolidation can be helpful if you can qualify for a lower interest rate loan. However, it only works if you commit to not running up new debt on the credit cards you just paid off.