Debt Payoff Calculator
Compare snowball vs avalanche methods to find the fastest way to eliminate debt and save on interest.
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Principal vs. Interest Breakdown
Snowball vs. Avalanche: Which is Better?
βοΈ Snowball Method
Pay off smallest debts first for psychological wins.
- β Quick wins boost motivation
- β See progress faster
- β May pay more interest
ποΈ Avalanche Method
Pay off highest interest debts first to save money.
- β Save the most on interest
- β Mathematically optimal
- β Takes longer to see wins
Frequently Asked Questions
What is the debt snowball method?
The debt snowball method focuses on paying off your smallest debt first while making minimum payments on larger debts. Once the smallest is paid off, you roll that payment into the next smallest debt, creating a "snowball" effect.
What is the debt avalanche method?
The debt avalanche method prioritizes paying off debts with the highest interest rates first. This saves you the most money on interest over time, making it the mathematically optimal strategy.
How can I pay off debt faster?
Increase your monthly payment amount, consider a balance transfer to a 0% APR card, negotiate lower interest rates with creditors, or use windfalls like tax refunds to make extra payments toward principal.
Should I consolidate my debt?
Debt consolidation can simplify payments and potentially lower your interest rate. Consider personal loans or balance transfer cards with 0% intro APR. Compare best personal loans here.
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