Plan paying off several debts with the snowball or avalanche method and see your debt-free date.
List your debts and select Plan my payoff.
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List each debt with its balance, APR and minimum payment, add how much extra you can pay each month, and choose a strategy. The planner pays every minimum, puts the extra on one target debt, and when that debt is gone rolls its minimum on to the next — so your monthly total stays the same while more of it goes to principal.
Avalanche targets the highest APR first and pays the least interest. Snowball targets the smallest balance first; it usually costs a little more, but early wins help many people stick with the plan. The result compares both.
balance = balance × (1 + APR ÷ 12) − payment
Monthly budget = sum of all minimums + extra. Minimums are paid first; the rest goes to the target debt, then the next.
A store card (900 at 10%, minimum 30), a Visa (4,000 at 24%, minimum 100) and a personal loan (6,000 at 12%, minimum 180) with 200 extra means paying 510 a month. The avalanche clears everything in 25 months with 1,817.67 of interest; the snowball takes 26 months and 1,970.23, but the store card is gone in month 4.
If the smallest debt also has the highest rate, snowball and avalanche choose the same order and cost the same.
Avalanche always costs the same or less in interest. Snowball can be easier to stick with because debts disappear sooner. If the difference is small, pick the one you'll keep doing.
The planner needs every minimum covered. If that isn't possible, contact your lenders or a nonprofit credit counselling service about a hardship plan.
No. The plan is calculated in your browser, and nothing you type is uploaded or stored. It's an estimate, not financial advice.
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