Debt payoff calculator
Add your debts and an extra monthly payment — instantly see when you'll be debt-free and how much interest you save.
- Free, no sign-up
- Snowball vs Avalanche
- Backed by research
Your debts
Snowball
Smallest balance first
—
Total interest: —
Avalanche
Highest interest first
—
Total interest: —
Your small wins
Snowball vs Avalanche — which to choose?
Both methods pay the minimum on every debt and throw the extra payment at one target debt. Snowball targets the smallest balance first for quick, motivating wins. Avalanche targets the highest interest rate first to minimise total interest. Snowball tends to get more people to the finish line; Avalanche costs less when rate gaps are large.
Why trust this guidance
These recommendations are based on peer-reviewed research, not our opinion:
Paying off the smallest debt first raises your odds of actually finishing — more than the mathematically "cheapest" order.
Gal & McShane (2012), Journal of Marketing ResearchCompleting small steps (closing individual debts) sustains the motivation to keep going.
Brown & Lahey (2015), „Small Victories“, CFPB / NBERWhen the interest-rate gap is large enough, paying the most expensive debt first wins — even the snowball authors concede this.
Brown & Lahey (2015), CFPBFinancial scarcity reduces cognitive bandwidth — so we avoid overload and guide one step at a time.
Mullainathan & Shafir, scarcity (scoping review, PMC 2024)Where to get professional help
If your debts are growing faster than you can repay them, talk to a licensed non-profit debt counselor in your country.
- Formal debt-relief procedures can stop interest and penalties from growing and discharge remaining debt after a set period.
- Filing usually requires a licensed professional or accredited counselor. We do not file anything for you — we only point you to help.
- Many countries have non-profit debt advice lines that are free of charge.
Contact a licensed non-profit debt counselor in your country
Important disclaimer
This tool is for orientation and planning only, based on the data you enter. It does not provide legal, tax or financial advice and does not replace a debt counselor, lawyer or insolvency administrator.
Calculations are approximate. Real amounts, interest (APR), fees, penalties and payoff time may differ based on your creditors’ terms and current law. Assetli does not guarantee accuracy and is not liable for decisions made based on these results.
We do not file insolvency. Formal debt-relief filings must be done by a licensed professional or accredited person.
If you cannot keep up with payments, contact a free non-profit debt counseling service in your country.
Legal information verified as of 06/2026
Track your real debts in Assetli
The calculator gives today's plan. Assetli keeps it updated and celebrates each debt you clear — free.
Free forever · 30-day Premium · no card
How it works
Three steps
Add your debts
Balance, interest rate and minimum payment for each.
Set an extra payment
Any amount above the minimums accelerates payoff.
Compare & start
See snowball vs avalanche and your payoff order.
Frequently asked questions
What are the snowball and avalanche methods?
Both pay minimums on all debts and put any extra toward one. Snowball targets the smallest balance first (quick wins); avalanche targets the highest interest rate first (lowest cost).
Which method is better?
Research suggests the snowball method gets more people to fully repay, thanks to the motivation of closing debts. Avalanche saves more on interest when rate differences are large. This tool shows both.
Is the calculator free?
Yes, completely free and it runs in your browser without signing up. Nothing you enter is sent anywhere.
What if I can't keep up with payments?
If your debts grow faster than you can repay them, talk to a licensed non-profit debt counselor. See the section below for who to contact.