Before you can achieve Financial Independence (FIRE), you must eliminate the wealth-killer: High-Interest Debt.
But what is the fastest way to become debt-free? Should you pay off the smallest balance first (Debt Snowball) to get quick wins? Or should you attack the highest interest rate first (Debt Avalanche) to save money mathematically?
Stop guessing. Use the Debt Destroyer Calculator below to compare both strategies side-by-side and see exactly when you will be free.
Debt Destroyer Calculator
Debt Name
Balance ($)
Rate (%)
Min Pay ($)
Money available after paying all minimums.
Avalanche Method
--
Total Interest: --
(Highest Interest First)
Snowball Method
--
Total Interest: --
(Smallest Balance First)
Recommendation: --
How to Use This Calculator
- List Your Debts: Enter every credit card, personal loan, or car loan you have. Include the Balance, Interest Rate (APR), and Minimum Monthly Payment.
- Set Your Budget: Enter your "Monthly Extra Budget." This is how much money you can throw at your debt on top of the minimum payments.
- Compare: Click "Compare Strategies." The tool will run a simulation of the next 5-10 years to see which method gets you debt-free faster.
Snowball vs. Avalanche: What's the Difference?
- Avalanche Method (Mathematically Best): You pay minimums on everything, then throw all extra money at the debt with the Highest Interest Rate. This saves you the most money over time.
- Snowball Method (Psychologically Best): You pay minimums on everything, then throw all extra money at the debt with the Smallest Balance. You get to cross items off your list quickly, which keeps you motivated.
Once you are debt-free, use our Coast FIRE Calculator to see how fast you can retire!