Debt payoff calculator
List each balance with its interest rate and monthly payment. The calculator runs both payoff orders month by month and shows what each one costs you.
Avalanche, highest rate first
Snowball, smallest balance first
How the projection works
Each month the calculator adds one twelfth of the annual rate to every outstanding balance, then applies your minimum payments plus any extra amount to the target debt for the chosen order. It repeats until everything clears, holding your balances, rates and payments constant.
Choosing an order you'll finish
Avalanche is mathematically cheaper. Snowball closes accounts sooner, and a closed account is a visible win, which matters, because the plan that gets finished beats the plan that is optimal on paper. If the interest difference above is small, take the motivation.
What this doesn't model
Promotional rates, fees, balance transfers and changing minimums aren't included. Treat the result as a planning estimate, not a statement from your lender.
Everything you type stays in your browser. No sign-up required, and nothing is sent anywhere to produce the result.
Keep this plan going
FinRayan turns numbers like these into a running plan, with recurring items, monthly reviews and a written next step.
Save this in FinRayanCommon questions
- Which is better, snowball or avalanche?
- Avalanche pays the least interest because it targets the highest rate first. Snowball clears individual accounts sooner, which keeps motivation up. This calculator runs both on your balances so you can see the actual difference.
- How much does an extra payment help?
- Add an extra monthly amount above the minimums and the payoff month and total interest both update, so you can see what a specific extra amount buys you.
- Is this financial advice?
- No. It's a projection based on the balances, rates and payments you enter, holding them constant. Real accounts change; treat the result as a planning estimate.