Quick answer
Three debts totaling $20,000 with $300 extra a month: snowball clears them in about 33 months; avalanche is usually a bit faster and cheaper.
How it works
The snowball method pays off the smallest balance first for quick wins; the avalanche method targets the highest interest rate first to save the most money. This simulates both, assuming minimum payments of 2% of each balance (at least $25).
Formula
Each month: pay minimums on all debts, put extra money toward the target debt
Assumptions & limitations
- Minimum payment estimated at 2% of balance ($25 floor)
- No new charges added to the debts
- Rates stay fixed
Formula and assumptions reviewed October 2026 by the Calculyn team. How we build our calculators
Frequently asked questions
Which method is better?
Avalanche saves the most money mathematically. Snowball wins for motivation — many people stick with it because of the early wins.
Are minimum payments accurate?
This uses a typical 2%-of-balance minimum. Your card's actual minimum may differ.