Which loan should you pay off first?
Add each debt — balance, interest rate, and minimum payment — plus any extra you can put toward debt each month. The calculator compares the two proven payoff strategies, avalanche and snowball, and shows the payoff order, total interest, and how long each takes to get you debt-free.
How to use this calculator
Enter each debt's balance, interest rate, and minimum monthly payment. Use Add debt for more. Enter any extra amount you can pay each month beyond the minimums. Click Calculate to compare the avalanche and snowball methods side by side.
Avalanche vs. snowball
- Avalanche (highest interest rate first): you pay minimums on everything, then throw all extra money at the debt with the highest rate. This minimizes the total interest you pay and usually gets you debt-free fastest. It is the mathematically optimal choice.
- Snowball (smallest balance first): you attack the smallest balance first regardless of rate. You clear individual debts faster, which builds momentum and motivation — even though you may pay a bit more interest overall.
Both methods keep your total monthly payment the same. When one debt is paid off, its payment "rolls over" onto the next target, which is why the payoff accelerates over time.
Which should you choose?
If your goal is to pay the least interest, choose avalanche. If you need quick wins to stay motivated, snowball can be worth the small extra cost. The best method is the one you will actually stick with — this calculator shows the real difference in dollars and months so you can decide.
Which Loan to Pay Off First Calculator FAQ
Which loan should I pay off first?
To pay the least interest, pay off the loan with the highest interest rate first (the avalanche method) while making minimum payments on the rest. If you need motivation, pay the smallest balance first (the snowball method). This calculator shows both so you can compare.
What is the debt avalanche method?
The avalanche method targets your highest-interest debt first, then the next highest, and so on. You pay minimums on everything else and direct all extra money to the top-rate debt. It minimizes total interest paid.
What is the debt snowball method?
The snowball method targets your smallest balance first, regardless of interest rate. Clearing a debt quickly gives a psychological boost, and the freed-up payment rolls onto the next-smallest balance.
Does avalanche or snowball save more money?
Avalanche almost always saves more in total interest because it kills your most expensive debt first. Snowball can cost a little more but pays off individual debts sooner. The calculator shows the exact interest difference for your debts.
How can I pay off my debt faster?
Add any extra amount to your monthly payment and keep your total payment constant as debts drop off. Even a small extra amount, applied consistently to the target debt, can cut months or years off your payoff and save significant interest.