Debt Payoff Calculator
How much time and interest it takes to pay off debts (snowball/avalanche methods).
Tip: The 'avalanche' method saves more interest; 'snowball' gives faster psychological wins.
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About this digital tool
The debt payoff calculator helps you make a plan to clear several debts: loans, credit cards and personal borrowings. Add each debt with its balance, interest rate and minimum payment, then set how much extra you can pay each month. The tool shows how many months it takes, how much interest you pay and in what order the debts are cleared.
You can compare two methods. With 'avalanche' you pay the debt with the highest rate first, which saves the most interest. With 'snowball' you pay the smallest debt first, which gives quick wins and motivation. The result is an estimate and assumes no new debts are added during the plan.
How to use
- Add your debts: name, balance, interest rate and minimum payment.
- Choose the strategy: snowball or avalanche.
- Set the extra monthly payment and see the repayment plan.
Frequently asked questions
What is the difference between snowball and avalanche?
Snowball pays off debts starting with the one with the smallest balance (quick motivation). Avalanche starts with the one with the highest interest (greater total saving).
How much extra should I pay above the minimum?
Any extra amount helps — even 5,000 lek a month above the minimum can noticeably shorten the time and total interest.
How do I pay off debt faster?
Pay more than the minimum and direct every extra amount to one debt, paying only the minimum on the others. When one is cleared, move the freed-up amount to the next debt.
Which method is better: snowball or avalanche?
Avalanche saves more money, because it eliminates the highest interest first. Snowball gives quick wins, which for some people helps them stick with the plan to the end.
What happens if I only pay the minimum?
The debt drags on and total interest rises sharply, because most of the payment goes to interest at the start. Even a small extra amount shortens the term considerably.