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Debt payoff calculator: snowball vs avalanche

Enter at least two debts. The calculator pays every minimum, sends your extra payment to one target at a time, and compares both methods.

Your debts

Balance and minimum payment in dollars, interest as an annual percentage rate (APR). Leave unused rows blank.

#	Name	Balance ($)	APR (%)	Minimum ($/mo)
Debt 1	Debt 1 name	Debt 1 balance in dollars	Debt 1 APR percent	Debt 1 minimum monthly payment in dollars
Debt 2	Debt 2 name	Debt 2 balance in dollars	Debt 2 APR percent	Debt 2 minimum monthly payment in dollars
Debt 3	Debt 3 name	Debt 3 balance in dollars	Debt 3 APR percent	Debt 3 minimum monthly payment in dollars
Debt 4	Debt 4 name	Debt 4 balance in dollars	Debt 4 APR percent	Debt 4 minimum monthly payment in dollars
Debt 5	Debt 5 name	Debt 5 balance in dollars	Debt 5 APR percent	Debt 5 minimum monthly payment in dollars
Debt 6	Debt 6 name	Debt 6 balance in dollars	Debt 6 APR percent	Debt 6 minimum monthly payment in dollars

Extra payment each month ($)

Money on top of all the minimums. Leave blank for 0.

How it works

Your monthly budget is the total of all minimums plus the extra amount, and it stays the same every month. Each month the calculator adds one month of interest (APR ÷ 12) to every balance, pays each minimum, then sends whatever is left to the target debt. When a debt is paid off, its minimum rolls into the next target.

Snowball targets the smallest balance first (ties go to the higher APR).
Avalanche targets the highest APR first (ties go to the smaller balance).

Not sure which suits you? Read Snowball vs avalanche. If you cannot cover the minimums, a nonprofit credit counselor in the directory can help you build a plan.

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A silver calculator and a pen on a red notebook — Photo: Recha Oktaviani / Unsplash