Debt payoff planner
See when each debt will be paid off, and which strategy gets you there fastest.
Your debts
No debts yet. Start with the one that weighs on you most.
Monthly budget
Slide to see the effect on your payoff dates.
The extra goes to the first target : the debt with the highest rate, to pay the least interest.
Your plan will appear here
Add a first debt (balance, rate and minimum payment) to see when you will be debt free and how much interest each method costs you.
Paying off debt without losing the thread
When you carry several debts (credit card, line of credit, car loan, student loan), the question is not only how much to pay, but in what order. On the same budget, the order in which you attack your debts changes the interest you pay and the date you become debt free.
This tool simulates your payoff month after month. You enter your debts and the amount you can put toward them each month; it shows when each debt will be cleared, the interest paid and the total duration, based on the method you choose.
Two proven methods
The avalanche sends every available dollar to the debt with the highest rate, once the minimums are covered everywhere. It is mathematically the cheapest method: you kill the most expensive interest first.
The snowball targets the smallest balance instead. You clear a debt quickly, which gives you a concrete win worth having. Its minimum payment then rolls onto the next debt, and momentum builds.
Either way, as soon as a debt is paid off, the money it absorbed rolls onto the next one: that roll-over is what speeds up the end of the run. The avalanche always wins on interest; the snowball can help you stay the course. The tool's comparison puts a number on the gap for your exact situation.
Frequently asked questions
The avalanche puts your extra payments on the debt with the highest interest rate: it is the method that costs the least in interest. The snowball targets the smallest balance first, to get an early win and keep you going. Both clear your debts; they differ in the order of the targets.
It simulates your payments period by period. In each period it adds the accrued interest, pays the minimums, then sends every remaining dollar of your budget to the debt targeted by the chosen method. Once a debt is cleared, its minimum rolls onto the next one: that is the snowball effect.
If your monthly budget does not cover the interest piling up, the balance stops going down and the debt never clears. The tool warns you: the monthly budget has to rise until the payments exceed the interest.
Paying more often brings the balance down earlier in the month, so interest accrues on a smaller amount. On the same monthly budget, a higher frequency saves a little interest and shortens the run slightly.
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