How to use it
Enter each debt’s balance, APR, and minimum payment, then set the total amount you can put toward debt each month. The calculator simulates both methods and shows:
- Your debt-free date under the method you selected
- Total interest paid, compared with the other method
- The month each debt is cleared
Add or remove rows to match your situation.
The two strategies
Avalanche (highest APR first). Mathematically optimal. Every dollar of extra goes where it kills the most interest. Best if you’re motivated by numbers and won’t lose steam when the first target is a large balance.
Snowball (smallest balance first). You eliminate whole accounts quickly — fewer bills, visible progress, a psychological boost. Studies of real borrowers have found people are more likely to stay the course with snowball, which can make it “better” despite costing a bit more interest.
Before you start
- Get current on everything and stop adding new debt.
- Keep a small starter emergency fund ($1,000–$2,000) so a surprise doesn’t put you back on the cards.
- Call card issuers and ask for a lower APR — it takes ten minutes and often works.
- Consider whether a balance transfer or consolidation personal loan lowers your blended rate.
After a debt is gone
Roll its entire payment — minimum plus whatever extra you were adding — onto the next target. Don’t absorb it back into your budget. That rollover is what makes the last debts fall fast.