GlenCalc

Debt payoff calculator

List your debts, one per line. Pay the minimum on each and put any extra on one target debt; when it is gone, roll its payment into the next. Compare the two common orders.

One debt per line, separated by commas.

Your answer

Debt-free in3 years 1 month
Total interest$3,835.02
Paying each month$970.00
Interest with snowball instead$3,944.65
Payoff order
DebtPaid off inInterest
Visa1 year 3 months$920.95
Store card1 year 4 months$196.59
Car loan1 year 11 months$854.90
Student loan3 years 1 month$1,862.59

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How we worked it out

Updated as you change the numbers.

  1. Each month: add each debt’s interest (APR ÷ 12), pay every minimum, then put the rest of the $300.00 extra on the highest-rate debt.
  2. When a debt is paid off, its minimum stays in the budget and goes to the next target.

Method and assumptions

The calculator simulates month by month with a fixed total payment. The avalanche order always costs the least interest; the snowball order clears small debts sooner, which some people find keeps them going. Minimum payments on real cards fall as balances fall; keeping them fixed, as here, pays off faster.

Questions

Is the avalanche or snowball method better?

Avalanche saves the most money. Snowball can be easier to stick with because debts disappear sooner. The difference is often small, and either beats paying only minimums.

Sources

Method and figures checked on . Every worked answer on this page is covered by an automated test. Found a mistake? Tell us.

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