Debt Payoff Planner
Find the fastest, cheapest way to become debt-free.
How to use: List each debt with its balance, interest rate and minimum payment, add any extra you can pay monthly, and choose snowball or avalanche.
How to use the Debt Payoff Planner
When you have several debts, paying only the minimums keeps you in debt for years. A focused plan, where you pay minimums on everything and throw every spare amount at one debt at a time, can save a lot of interest and time.
Add each credit card, loan or overdraft with its balance, annual interest rate and minimum monthly payment, then enter the extra amount you can afford each month. The planner simulates your payments month by month. When one debt is cleared, its minimum payment rolls into the next one, creating a growing “snowball” of money.
Two popular methods are compared. The avalanche method targets the debt with the highest interest rate first, which always costs the least interest overall. The snowball method targets the smallest balance first; it may cost a little more, but quick wins keep many people motivated. You see your debt-free date, total interest, the saving compared with paying only minimums, and the order and month in which each debt is cleared.
The simulation assumes fixed rates and no new borrowing. If a payment does not even cover the monthly interest, you will be warned. Your figures never leave your browser.
Frequently asked questions
Which is better, snowball or avalanche?
Avalanche saves the most money. Snowball gives faster early wins. The best plan is the one you will stick to.
What if I can’t pay anything extra?
Set the extra payment to 0 to see your timeline with minimum payments rolling over as debts are cleared.
Does it include new spending on cards?
No. It assumes you stop adding new debt while paying off the balances.