Your debts
The verdict
Payoff order
| Month | Payment | Interest | Principal | Balance left |
|---|
Get a money tip every week
Join the MoneyMatrixs newsletter — one short, practical money tip every week. No spam, unsubscribe anytime.
Subscribe freeWant the full debt-free system?
The Budget Planner 2026 is a 21-page printable workbook with debt payoff worksheets (snowball + avalanche), monthly budget sheets and savings trackers. $12, instant download, yours forever.
Get the planner — $12How it works
Enter every debt with its balance, APR and minimum payment, plus any extra you can pay each month on top of the minimums. The calculator simulates both payoff strategies month by month:
- Avalanche: pay minimums on everything, throw every extra dollar at the highest-interest debt. Mathematically cheapest.
- Snowball: pay minimums on everything, throw every extra dollar at the smallest balance. Fastest first win — great for motivation.
Snowball vs avalanche FAQ
Which method is better?
Avalanche always costs less in total interest. Snowball kills the first debt sooner, which keeps many people motivated. The best method is the one you will actually stick with.
What if my payment doesn't cover the interest?
If your total monthly payment is less than the interest charged each month, the balance grows forever. The calculator will warn you — the fix is paying more per month or lowering the rate (balance transfer, consolidation).
Does the order of minimum payments matter?
No. Minimums get paid on every debt either way; only the extra payment's target changes between strategies.