Credit Card & Debt Payoff Calculator

Calculate when you'll be debt-free. Compare snowball vs avalanche methods and see exactly how much interest you'll save.

Your Debts

How much extra can you pay beyond minimums each month?

Balance Over Time

Avalanche method (optimal for saving money)

Total Debt

$11,000

Monthly

$540

Debt-Free

May 2028

By choosing avalanche over snowball, you save

$358.86

in interest payments

Snowball

smallest balance first
2y 2m$2,852.9 interest
1.Personal Loanmo 11
2.Credit Card 1mo 26

Avalanche

highest interest first
2y 1m$2,494.04 interest
1.Credit Card 1mo 23
2.Personal Loanmo 25

Avalanche saves you $358.86 in interest and 1 months. It's mathematically optimal if you can stay motivated.

Track Your Debt Payoff Journey

Knowing your plan is step one. Waypoint Budget tracks your progress and celebrates every milestone.

No credit card required

Snowball vs Avalanche: Which Debt Payoff Method Is Right for You?

If you're carrying debt (and 29% of Canadians carry credit card debt month-to-month), you've probably heard about the snowball and avalanche methods. But which one actually works better?

Short answer: it depends. Let me explain both methods honestly, so you can choose what fits your situation.

What Is the Debt Snowball Method?

The snowball method focuses on psychological momentum. You pay off your smallest debt first, regardless of interest rate.

How it works:

  1. List all debts from smallest to largest balance
  2. Pay minimums on everything except the smallest debt
  3. Throw all extra money at the smallest debt
  4. Once that's paid off, roll that payment to the next smallest
  5. Repeat until debt-free

Why it works: You get quick wins. Paying off that first debt feels amazing. That motivation keeps you going when you're tempted to give up.

What Is the Debt Avalanche Method?

The avalanche method focuses on mathematical optimization. You pay off your highest-interest debt first.

How it works:

  1. List all debts from highest to lowest interest rate
  2. Pay minimums on everything except the highest-interest debt
  3. Throw all extra money at the highest-interest debt
  4. Once that's paid off, tackle the next highest interest rate
  5. Repeat until debt-free

Why it works: You save the most money. Interest is what keeps you in debt longer. Kill the highest-interest debts first, and you stop bleeding money the fastest.

Ready to become debt-free?

Waypoint Budget helps you track your debt payoff progress and celebrates every milestone with you.

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Disclaimer: This calculator is for educational and informational purposes only and does not constitute financial, tax, or legal advice. Results are estimates based on simplified assumptions and may not reflect your actual situation. Tax laws, contribution limits, and regulations change frequently. Always consult a qualified financial advisor or tax professional before making financial decisions. See our Terms of Service for full details.