Debt Payoff Planner

Enter each debt’s current balance, annual interest rate, and minimum monthly payment. Add any extra monthly payment to compare repayment scenarios. Keep rates as annual percentages and use current statement figures rather than an original loan amount that has already been partly repaid.

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SNOWBALL AND AVALANCHE

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Snowball targets the smallest balance first, while Avalanche targets the highest interest rate first. Minimum payments continue on the other debts. With a $500 balance at 10% and a $2,000 balance at 20%, Snowball targets the $500 balance; Avalanche targets the 20% balance. The strategies differ in priority, not in whether the other required payments still matter.

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READ BOTH TIME AND INTEREST

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Compare the estimated payoff time and total interest for the same set of inputs. A strategy with a shorter timeline is not necessarily the one with the smallest initial target balance. Changing an extra payment changes the available repayment budget, so keep it constant when comparing the two methods.

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WHY A BALANCE MAY NOT FALL

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If a payment is too small to cover interest, a debt may not reduce as expected. As a rough monthly illustration, a $1,000 balance at 24% annual interest accrues about $20 using an annual-rate-divided-by-12 calculation. Real statements may use daily interest and include fees, so compare the estimate with the lender’s figures.

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The scenarios depend on the entered rates and payments and assume no new borrowing. Variable rates, promotional periods, changing minimums, fees, and payment dates can alter the outcome. Use the tool to compare assumptions, rather than as a guaranteed repayment schedule. Export a CSV to retain the results, and review the plan when balances or terms change.