Question 1

What is the difference between the debt snowball and debt avalanche methods?

Accepted Answer

The debt snowball method pays off debts from smallest balance to largest, giving you quick psychological wins. The debt avalanche method targets the highest interest rate first, which mathematically saves the most money in total interest paid.

Question 2

Which is better: debt snowball or debt avalanche?

Accepted Answer

The avalanche method always saves you the most in interest, but the snowball method can be more motivating because you eliminate individual debts faster. The best method is the one you stick with. If the interest difference is small, snowball's psychological benefits may outweigh the extra cost.

Question 3

How does extra payment help pay off debt faster?

Accepted Answer

Extra payments beyond your minimums are applied entirely to principal on your target debt (highest rate for avalanche, lowest balance for snowball). As each debt is eliminated, its minimum payment rolls into the extra amount, creating a snowball effect that accelerates payoff of remaining debts.

Metric	Avalanche	Snowball
Months to Debt-Free	—	—
Total Interest Paid	—	—
Interest Saved vs Minimum	—	—

DEBT PAYOFF CALCULATOR

Your Debts

Debt-Free In

Total Interest

Interest Saved

Avalanche vs Snowball

Debt Balances Over Time

Payoff Timeline