$20,000 Debt at 18% — Paid Off in 47 Months (avalanche)
Pay off $20,000 in debt at 18% using the avalanche method in 47 months. Total interest: $7,934.
Frequently asked questions
What's the difference between the avalanche and snowball methods?
The avalanche method pays off the highest-interest debt first, minimizing total interest paid. The snowball method pays off the smallest balance first, building momentum through quick wins. Avalanche saves more money; snowball can be easier to stick with.
How does a larger monthly budget speed up debt payoff?
Any amount above the minimum payments goes toward eliminating debt faster. As each debt is paid off, its payment rolls into the next one, accelerating the process — this snowball effect compounds over time.
What happens if my payment doesn't cover the debt's interest?
If your monthly payment is less than the interest accruing, the balance grows instead of shrinking and the debt never gets paid off. This calculator flags when a payment is too low to make progress.