Our debt payoff calculator helps you create a plan to become debt-free using two proven strategies. The avalanche method pays off the highest-interest debt first, minimising the total interest you pay over time. The snowball method pays off the smallest balance first, giving you quick wins that can help maintain motivation. Enter your debts, balances, interest rates, and minimum payments, and the calculator will show you a month-by-month payoff schedule for each strategy, along with the total interest paid and the date you will be debt-free. For most people, the avalanche method saves the most money, but the snowball method can be more motivating. Frequently Asked Questions: How does the debt avalanche method work? The avalanche method directs all extra payments to the debt with the highest interest rate first, while making minimum payments on all others. Once the highest-rate debt is cleared, you roll that payment into the next highest. This minimises total interest paid. How does the debt snowball method work? The snowball method pays off the smallest balance first, regardless of interest rate. Once the smallest debt is cleared, you roll that payment into the next smallest. The psychological wins of clearing debts quickly help many people stay motivated. Which method saves more money? The avalanche method always saves more money in total interest. However, the snowball method can be more effective for people who need motivational wins to stay on track. What if I can only afford minimum payments? Making only minimum payments can keep you in debt for many years and cost several times the original balance in interest. Even a small extra payment each month can significantly reduce your payoff time. Does this calculator include UK-specific rates? Yes — you can enter any interest rate, including typical UK credit card rates of 20 to 25 percent, personal loan rates of 5 to 15 percent, and car finance rates of 4 to 10 percent.