Don't add new debt. Putting groceries on a credit card while paying it down resets the snowball. Cut up the card or lock it digitally first. Minimum payment is a moving target. Credit card minimums recalculate each month (usually a % of balance, often 2–3%). The tool uses your input as a fixed minimum — fine for planning, but real minimums will decline as balances do. 0% promotional APR is a trap if you can't clear it. When the promo period ends, interest often back-dates. Set the APR you'll actually pay if your plan slips past the deadline. Tax-deductible debt is different. US mortgage interest (if you itemize) and US student loan interest (up to a cap) are deductible; aggressive payoff might cost you a deduction. Avalanche may still win, but the comparison is closer. Build a 1-month emergency cushion first. A single car repair on a credit card will undo months of avalanche progress. Most planners suggest $1k–1mo expenses set aside before aggressive payoff. Consolidation isn't always cheaper. A balance-transfer card with a 3% fee that lasts 18 months is great if you finish in 18 months. Personal loans replace revolving debt with fixed payments — useful for discipline, but watch the new rate. 50-year cap warning. If the warning fires, your budget can't cover even the interest accrual on your highest-rate debt. You need more income, lower rates (consolidation), or settlement.

loan-calculator — month-by-month amortization for a single debt. mortgage-refi-comparison — when mortgage is the largest debt. compound-interest-calculator — for the "invest vs pay down" decision after high-rate debt is gone.

Debt Payoff Planner

Plan how to pay off multiple debts. Pick snowball (smallest balance first) or avalanche (highest interest first). See timeline, total interest, monthly schedule.

This assumes constant interest rates, no new debt, and no missed payments. Real life is messier — use this as a directional plan.

Strategy

Currency symbol

Total monthly budget for debt payment

Sync with URL

Result

What is this for?

If you have more than one debt — a credit card, a car loan, a student loan — the order in which you pay them off matters. With a fixed monthly budget, you can save thousands in interest and shave years off your timeline just by directing the "extra" beyond minimums at the right debt first. This tool runs the math for both popular strategies side-by-side so you can pick the one that fits your psychology and your wallet.

Snowball vs Avalanche — the trade-off

Avalanche targets the highest-APR debt first. It is mathematically optimal: it minimises total interest paid and minimises total months to debt-free. Use it if you find motivation in saving the most money.

Snowball targets the smallest balance first. It clears individual debts faster (giving you quick wins), then rolls those payments onto the next-smallest. It costs slightly more in interest, but research (notably Kellogg School / Harvard Business School studies) suggests people stick with snowball plans more often — and a plan you actually follow beats a perfect plan you abandon.

Difference between the two is usually small (a few percent of total interest) when APRs are within a few points of each other, but can be substantial if you have one very-high-interest debt.

The math

Each month: balance grows by balance × APR ÷ 12, then each minimum is paid (capped at balance), then leftover budget is poured into the priority debt. When a debt hits zero, its minimum redirects to the next priority. The "interest saved vs minimums" stat compares your chosen plan to the scenario where you pay only the minimum on each debt forever.

Common gotchas

Don't add new debt. Putting groceries on a credit card while paying it down resets the snowball. Cut up the card or lock it digitally first.
Minimum payment is a moving target. Credit card minimums recalculate each month (usually a % of balance, often 2–3%). The tool uses your input as a fixed minimum — fine for planning, but real minimums will decline as balances do.
0% promotional APR is a trap if you can't clear it. When the promo period ends, interest often back-dates. Set the APR you'll actually pay if your plan slips past the deadline.
Tax-deductible debt is different. US mortgage interest (if you itemize) and US student loan interest (up to a cap) are deductible; aggressive payoff might cost you a deduction. Avalanche may still win, but the comparison is closer.
Build a 1-month emergency cushion first. A single car repair on a credit card will undo months of avalanche progress. Most planners suggest $1k–1mo expenses set aside before aggressive payoff.
Consolidation isn't always cheaper. A balance-transfer card with a 3% fee that lasts 18 months is great if you finish in 18 months. Personal loans replace revolving debt with fixed payments — useful for discipline, but watch the new rate.
50-year cap warning. If the warning fires, your budget can't cover even the interest accrual on your highest-rate debt. You need more income, lower rates (consolidation), or settlement.

Pairs with

loan-calculator — month-by-month amortization for a single debt.
mortgage-refi-comparison — when mortgage is the largest debt.
compound-interest-calculator — for the "invest vs pay down" decision after high-rate debt is gone.