Free debt payoff planning tool
Build a clearer debt-free plan.
Enter your balances, APRs, and minimum payments. See how the debt snowball method works when you keep paying a fixed monthly budget toward your debts.
Your estimated payoff plan
Interest comparison
Estimated total interest under different payment strategies. Avalanche puts extra money toward the highest APR first.
Estimated snowball payoff order
Balances are prioritized from smallest to largest at the start.
Your payment timeline
First 12 months, plus your final month when the plan is longer.
| Month | Payment | Interest | Remaining balance |
|---|
How the debt snowball works
- Pay at least the entered minimum on every debt.
- Put remaining money toward the smallest original balance.
- After a debt is paid, roll its freed-up payment toward the next one.
- Continue until the remaining balances reach zero.
Worked example: rolling a fixed debt-payment budget
Imagine two debts with $600 and $1,200 outstanding, both at 0% APR, with monthly minimums of $50 and $100. Add an extra $50 per month and you have a fixed $200 monthly debt budget. At 0% interest and without additional charges, the total $1,800 balance would be repaid in nine months.
With the snowball approach, the extra payment first targets the smaller balance. When that debt disappears, its former minimum payment joins the amount directed toward the remaining debt. In practice, positive APRs, changing minimums, lender fees and payment timing can lengthen the schedule. Try entering those numbers above, then change the APRs to see how your payoff timeline changes.
Frequently asked questions
Is the snowball method the cheapest way to pay off debt?
Not necessarily. Snowball targets the smallest balances for early wins. The avalanche method targets the highest interest rate and often costs less in interest.
What happens when I pay off one debt?
This tool keeps your original total monthly budget available. Money that no longer goes to a paid-off debt moves to the next debt on the payoff list.
Does this calculator store financial information?
The calculation runs in your browser. This tool does not send your entered debt balances to a dedicated calculation service.
Why might my actual payoff date differ?
Interest accrual methods, fluctuating payments, penalties, additional borrowing, and lender fees can all change your results. Always confirm payoff terms with each lender.
