Multi-Debt Payoff Planner: Snowball and Avalanche
Organize debts and plan the fastest payoff in USD
Multi-debt payoff planner FAQs
Which is better: snowball or avalanche?
Avalanche aims to minimize interest by targeting the highest APR first after minimums, so it usually wins on total cost. Snowball targets the smallest balance, which can close accounts faster and feel more motivating. The best method is the one you can stick with consistently.
What if my budget is very small?
If your budget plus minimums barely covers interest, progress will be slow and some balances might drift upward. In that case, increasing payments, negotiating lower rates, or consolidating at a better APR can matter more than picking snowball or avalanche.
Should I keep using the cards while paying them off?
The planner assumes no new charges. If you keep swiping the cards you are trying to clear, the real payoff date will slip and interest will be higher than shown. Many people keep one card for everyday spending and focus the plan on closed-to-new-spend balances.
Can I change strategies partway through?
Yes. You can switch from snowball to avalanche, or the other way around, by re-running the planner with updated balances and the same budget. Some people start with snowball for quick wins and then switch to avalanche once only a few larger, higher-rate debts remain.
Is this financial advice?
No. This is an educational tool to help you estimate timelines and interest based on your inputs. It does not replace lender terms, credit counseling, or advice from a qualified professional who understands your full situation.
How to use this multi-debt payoff planner
1. List every debt with real balances, APRs, and minimums
Begin by adding each credit card, store card, personal loan, or other revolving account you want in the plan. For every entry, use the current statement balance, the latest APR, and the true minimum payment in USD. If your statement shows a daily periodic rate, multiply that by 365 for an approximate APR. The planner converts APR to a monthly rate, compounds interest, and tracks balances month by month so you can see how they fall over time.
2. Choose snowball, avalanche, or compare both methods
With snowball, the smallest balance is the priority target. After every debt gets its minimum, the extra budget goes to that smallest balance until it hits zero. Freed minimums then roll to the next smallest balance, so progress feels faster as you close whole accounts. With avalanche, the priority is the highest APR, which usually produces the lowest total interest but may involve tackling a big balance for longer. The compare mode runs both methods on the same debts so you can see the trade-off between motivation and pure cost.
3. Pick a monthly budget you can actually keep paying
Your budget is the extra amount you can put toward these debts every month on top of minimums. A bigger number shortens every timeline, but only if it is realistic. Start with a sustainable payment that fits after rent, food, and essentials. You can always increase it later if income rises. Use the optional lump sum field to model a tax refund, bonus, or side-hustle income hitting the priority debt in month one.
4. Read the summary to understand months, totals, and savings
When you tap Calculate, the summary shows total months to debt-free, an approximate years-and-months runtime, total paid, and total interest for the chosen method. It also compares that plan to a baseline where you only make minimum payments. The difference between the two is your estimated interest saved and months saved. If you switch tabs, you can quickly see how snowball and avalanche stack up for your exact mix of balances and APRs.
5. Export the CSV schedule and keep your plan visible
If you like spreadsheets, use the CSV link to download a payoff schedule. Each row shows month, account, payment, interest, and ending balance, which makes it easy to build charts or plug the plan into a broader budget. The “Copy summary” button lets you paste key numbers into a note or share them with a partner or advisor. Re-run the planner whenever balances drop, rates change, or you adjust your budget so your roadmap stays current.
6. Treat the output as a guide, not a promise
Real lender math can include fees, changing APRs, and timing quirks that this tool does not model. The Multi-Debt Payoff Planner is designed to give you a clear, directionally accurate picture of how different payment levels and strategies affect your path to zero. Use it to choose a method, set a monthly number, and stay accountable, then combine it with real statements and professional advice when you make bigger decisions like consolidation or settlement.
How the multi-debt payoff math is approximated
For each account, the planner converts the annual percentage rate into a monthly rate (r = APR ÷ 12) and applies interest as balance × r each month. That interest is added to the balance, then payments are applied. Every debt receives at least its minimum payment, limited so no payment exceeds the current balance in USD.
After minimums, the remaining budget is allocated using your chosen rule. Snowball sends it to the debt with the smallest balance, breaking ties by the order you entered debts. Avalanche sends it to the highest APR, again using entry order as a tie-breaker. Minimums for any debt that reaches zero become effectively freed and increase the amount available for remaining debts in later months, which is the classic snowball effect.
The simulation repeats month by month until all balances are near zero or a safety cap on months is reached. Total interest is the sum of monthly interest across all accounts. When you compare a payoff plan against the minimum-payment baseline, the difference in total interest is the interest saved, and the difference in month count is the time saved. Outputs are rounded to cents and are best viewed as planning estimates rather than an exact replica of any single issuer’s statement math.