Debt Payoff Strategy Calculator

Compare multiple debt payoff strategies and find out which one will save you the most time and money. Enter your debts below to get a personalized plan.

Add Your Debts

Debt Name

Current Balance ($)

Interest Rate (%)

Minimum Payment ($)

Debt Name	Balance	Interest Rate	Min Payment	Actions

Extra Monthly Payment ($)

This is any additional amount beyond your minimum payments that you can put toward your debt each month.

Your Debt Payoff Results

Overview

Avalanche Method

Snowball Method

Velocity Method

Hybrid Approach

Method Comparison

Here's how the four debt payoff methods compare for your specific situation:

Avalanche Method

Targets highest interest rate debts first

Total Repayment Time

Total Interest Paid

Total Amount Paid

Snowball Method

Targets smallest balance debts first

Total Repayment Time

Total Interest Paid

Total Amount Paid

Velocity Method

Targets debts by balance-to-payment ratio

Total Repayment Time

Total Interest Paid

Total Amount Paid

Hybrid Approach

Custom optimized for your debt profile

Total Repayment Time

Total Interest Paid

Total Amount Paid

Avalanche Method Details

The Avalanche Method prioritizes paying off debts with the highest interest rates first, while making minimum payments on all other debts. This approach minimizes the total interest paid over time.

Best for: Mathematically optimizing your debt repayment to pay the least amount of interest.

Monthly Payment Plan

Snowball Method Details

The Snowball Method focuses on paying off debts with the smallest balances first, while making minimum payments on all other debts. This approach provides quick wins to build momentum and motivation.

Best for: Those who need psychological wins to stay motivated in their debt repayment journey.

Monthly Payment Plan

Velocity Method Details

The Velocity Method prioritizes debts based on their balance-to-payment ratio, targeting debts that can be eliminated quickly relative to their size. This approach often finds efficiency that other methods miss.

Best for: Optimizing your cashflow by eliminating monthly obligations as efficiently as possible.

Monthly Payment Plan

Hybrid Approach Details

The Hybrid Approach combines elements of multiple strategies to create a custom plan for your specific debt profile. It considers interest rates, balances, and payment amounts to create an optimized plan.

Best for: Those with complex debt situations who want a truly optimized repayment strategy.