Debt payoff planner
Enter every balance, its rate, and the minimum payment. The planner runs both payoff orders month by month so you can see what the difference is actually worth on your numbers.
Your debts
Balance, rate, and the minimum payment your statement asks for. Set the rate to 0 for an interest-free bill.
$17,500Total balance
$760Monthly payment
$241Interest this month
| Method | Debt free in | Total interest | Total paid |
|---|---|---|---|
| Avalanche (highest rate first) | 2 yr 9 mo | $3,619 | $21,119 |
| Snowball (smallest balance first) | 2 yr 10 mo | $4,039 | $21,539 |
The avalanche saves $420 in interest and finishes 1 month sooner. The snowball closes its first account in month 3, the avalanche in month 3.
Avalanche order
| Debt | Cleared |
|---|---|
| Store card | month 3 |
| Visa | month 19 |
| Medical bill | month 24 |
| Personal loan | month 33 |
Snowball order
| Debt | Cleared |
|---|---|
| Store card | month 3 |
| Medical bill | month 6 |
| Visa | month 22 |
| Personal loan | month 34 |
Estimates only. Interest is charged monthly on the opening balance, minimum payments are held flat, and no new charges are assumed. Real card minimums fall as the balance falls, which makes minimum-only payoff slower than this model shows.