Compare snowball, avalanche, and custom payoff strategies. See your debt-free date, total interest, and exactly where every payment goes.
Any extra amount beyond minimum payments — applied to the focus debt each month.
This planner calculates three debt payoff strategies simultaneously and shows you the debt-free date, total interest paid, and full month-by-month payment schedule for each. Enter all your debts, set an extra monthly payment if you have one, and instantly compare which approach saves the most money or gets you debt-free fastest.
Pay minimums on everything, throw all extra money at the smallest balance first. When it's gone, roll that payment into the next smallest. The quick wins keep motivation high — this is the method recommended by Dave Ramsey and supported by behavioural research showing that early victories improve follow-through.
Pay minimums on everything, throw all extra money at the highest interest rate first. Mathematically optimal — you pay less total interest and become debt-free sooner (or equal) compared to snowball in almost every scenario. Best for disciplined payors who don't need the early psychological boost.
Drag your debts into your preferred payoff order. Useful when you have a specific situation the algorithms don't capture — for example, paying off a debt with an upcoming rate increase first, or clearing one that affects a specific goal like a mortgage application.
More than most people expect. On a $8,000 credit card at 22% APR with a $160 minimum payment, adding $100 extra per month cuts the payoff from 93 months to 44 months and saves over $4,200 in interest. Use the extra payment slider to see the impact on your specific debt mix.