Compare the snowball and avalanche methods across several debts, with a payoff date and total interest. Runs on your device.
The debt snowball pays the smallest balance first, and the debt avalanche pays the highest interest rate first; both pay every other debt its minimum. Each month the page adds interest to every debt (balance × APR ÷ 12 ÷ 100), pays each minimum, and puts whatever is left of the monthly budget on the first unpaid debt in the chosen order. The budget is the total of all minimums plus your extra amount, and it stays the same, so when a debt is gone its minimum rolls onto the next one. You can also type your own order from 1 to the number of debts. The order is fixed at the start, using the starting balances and rates.
The page opens on three debts: 6,000 at 24.99% with a 150 minimum, 2,500 at 15% with a 75 minimum and 9,000 at 9% with a 200 minimum, plus 200 extra a month. The budget is 625 a month. With the avalanche the debts are cleared in 34 months, 2 years 10 months, with 3,649.72 of interest and 21,149.72 paid in all. With the snowball the 2,500 debt goes first, and it takes 35 months and 4,022.29 of interest, which is 372.57 more. The avalanche costs less interest because the debt with the highest rate stops growing sooner; the snowball clears a whole debt sooner, in 10 months here against 22 months. The page shows both interest totals next to your choice so you can compare them.
The One card setting works out a single credit card two ways. Give a monthly payment and it counts the months: n = −ln(1 − balance × r ÷ payment) ÷ ln(1 + r), rounded up, where r is the APR ÷ 12 ÷ 100. A balance of 5,000 at 22% paid at 200 a month takes 34 months, costs 1,749.88 in interest, and the last payment is 149.88. Give a number of months instead and it finds the level payment: 5,000 at 22% over 24 months needs 259.40 a month (the exact 259.39 rounded up to the next cent so the card is fully paid) and costs 1,225.32 in interest, with a last payment of 259.12. If the payment does not cover a month of interest, the balance never falls, and the page says so instead of showing a result.
The page takes 1 to 8 debts, each with a balance above 0, an APR from 0 to 100% and a minimum. It stops at 1,200 months and asks for a bigger payment if the debts are not cleared by then. The payoff date counts the first payment one month from today. APRs are fixed, with no new purchases, fees, grace periods, promotional rates or missed payments, and a lender's minimum may change as the balance falls. Real statements round to the cent each month, so the last payment can differ by a few cents. Nothing you type is stored or sent. This is an estimate, not financial advice.
The avalanche usually costs less interest, because the highest rate stops growing sooner. On the opening example it saves 372.57: 3,649.72 against 4,022.29 with the snowball. The two can tie when the order never changes the payments, for example when every debt is cleared in the same month.
Type it in Extra to pay each month. The page adds it to the total of the minimums and pays it on the first debt in your order, then on the next one as each is cleared. With 200 extra on three debts, the budget is 625 a month, and it never drops when a debt is paid off.
Choose One card, type the balance, the APR and your monthly payment. The page counts the months with n = −ln(1 − balance × r ÷ payment) ÷ ln(1 + r). For 5,000 at 22% and 200 a month, n is 33.7, so the answer is 34 months.
Choose One card, then The months I want. The payment is balance × r ÷ (1 − (1 + r)^−n). For 5,000 at 22% over 24 months it is 259.3875 before rounding, so the page shows 259.40, rounded up to the next cent. The formula is written out with your numbers under the result.
The monthly interest is larger than what you pay, so the balance grows. A debt of 10,000 at 24% adds 200.00 of interest a month, so a 100 minimum with no extra never clears it. Raise a minimum or the extra amount until the payments cover the interest.
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