Debt payoff calculator

How this works

Every month, each balance grows by its interest (APR divided by 12, rounded to the cent). Then every debt gets its minimum. Whatever is left of your extra payment, plus the minimums of debts you have already finished, goes to one target.

The snowball’s target is the smallest balance, which is a way to finish an account and simplify the list. The avalanche’s target is the highest APR, which usually spends less on interest. If a minimum does not cover that debt’s interest, the plan stops and says so instead of pretending the balance will fall.

An example

A $1,200 card at 22.9% with a $35 minimum, and a $4,600 car note at 6.5% with a $140 minimum, plus $100 extra. The avalanche usually wins on interest because the pricey card is first. The snowball may finish the card sooner and feel lighter. The two cards on the page are that comparison.