Your debts
List each debt with its balance, interest rate (APR) and minimum monthly payment. Example debts are filled in so you can see how it works.
Any amount above your minimum payments. Even a small extra amount makes a difference.
Estimates only, based on the numbers you enter and the rules shown. Not financial advice. Your lender or provider will use its own checks.
Snowball vs avalanche: what’s the difference?
Both methods have you pay the minimum on every debt, then put every spare dollar on one target debt. When that debt is gone, its payment “rolls over” to the next one.
| Snowball | Pay off the smallest balance first. You see debts disappear sooner, which keeps many people motivated. |
| Avalanche | Pay off the highest interest rate first. This usually costs the least interest overall. |
The planner runs both on your real numbers, so you can see exactly how much the difference is for you. Often it is small, and the best method is the one you will stick with.
How the planner works
- Each month, interest is added to each balance (APR ÷ 12).
- Every debt gets its minimum payment.
- Your extra amount, plus the minimums of any debts already paid off, goes to the target debt.
- It repeats until everything is paid, so the date and total interest are worked out month by month.
It assumes your rates and minimums stay the same and you don’t add new debt. Credit card minimums often shrink as the balance falls; keeping your payment the same, as here, gets you out of debt faster.
If you can’t cover the minimums
Contact your lenders before you miss a payment and ask about hardship plans. A nonprofit credit counselor can help you make a plan for free or at low cost. If bills and rent are the problem, see our Bill Help Finder for official assistance programs.
Free, nonprofit debt help: US: NFCC nonprofit credit counseling · UK: MoneyHelper debt advice locator · Canada: Credit Counselling Canada · Australia: National Debt Helpline
Frequently asked questions
Is snowball or avalanche better?
Avalanche (highest interest first) usually saves the most money. Snowball (smallest balance first) gives quicker wins. Enter your debts above to see the difference in dollars for your situation.
How do I pay off debt fast with a low income?
List every debt, pay the minimums, and put any extra on one debt at a time. Small extras add up: the planner shows how much each extra amount saves. Call your lenders about hardship options and talk to a nonprofit credit counselor. Read how to pay off debt fast.
Should I include my mortgage?
You can, but most people focus on higher-interest debts like credit cards first. Use the mortgage payoff calculator to see the effect of overpaying your mortgage on its own.
Is my information saved?
Your debts are saved only in your browser on this device. Nothing is sent to us.