Enter your debt balance, interest rate, and monthly payment. Get your exact debt-free date, total interest cost, and a complete month-by-month payoff schedule.
| Month | Opening Balance | Interest | Payment | Principal Paid | Closing Balance |
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Add up to 8 debts. We'll calculate both the Debt Snowball (smallest balance first) and Debt Avalanche (highest rate first) side by side — showing total interest, months to debt-free, and the payoff order for each method. Set an extra monthly amount to accelerate payoff.
See exactly how much interest you save and how many months you eliminate by adding an extra amount each month or making a one-time lump-sum payment. Compares current plan vs accelerated plan side by side.
| Extra/Month | New Monthly Payment | Payoff Date | Total Interest | Interest Saved |
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Compare your current multi-debt payments against a single consolidation loan. See the net interest saving after accounting for the loan origination fee, and find out if consolidation is worth it for your situation.
See the shocking true cost of paying only the minimum on a credit card or revolving debt. Compare minimum-only vs fixed payment vs your target payoff date — with the total interest for each scenario.
| Monthly Payment | Payoff Time | Total Interest | Interest Saved vs Min |
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| Month | Balance | Min Payment | Interest | Principal | New Balance |
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Debt Snowball vs Avalanche — Which Method Is Right for You?
Both methods work. The question is which one you'll stick with long enough to finish. Here's the honest comparison with real numbers.
Debt Snowball — Smallest Balance First
List debts from smallest to largest balance. Pay minimums on everything. Put every extra dollar on the smallest. Once it's gone, roll its full payment onto the next smallest. The psychological benefit of quick early wins is real and measurable — research shows it increases follow-through for many people. The financial cost is typically paying slightly more in total interest (usually 5–15% more) than the avalanche method.
Debt Avalanche — Highest Rate First
List debts from highest APR to lowest. Pay minimums on everything. Put every extra dollar on the highest-rate debt. Once it's gone, roll its full payment onto the next highest-rate. This minimises total interest paid and is mathematically faster overall. The downside: the first "win" may take months longer, which can cause some people to abandon the plan. If your highest-rate debt is also your largest balance, it may take a year or more before you see your first payoff.
The Minimum Payment Trap — By the Numbers
A $5,000 credit card at 22% APR — paying only the minimum: over 23 years, $7,400+ in interest (nearly 3× the original balance). Paying a fixed $250/month: 25 months, about $1,050 in interest. The difference is $6,350 and 21 years. The minimum payment was designed by credit card companies to maximise the interest you pay, not to help you get out of debt.
When to Consolidate Debt
Consolidation makes sense when the new loan rate is meaningfully lower than your weighted average current rate AND the term is not dramatically extended. A 9% personal loan replacing 22% credit cards almost always wins. A 14% consolidation loan stretched from your current 18-month payoff to 60 months almost always loses — you pay a lower rate but for far longer, costing more overall. Always calculate the break-even: fee ÷ monthly interest saving = months to profit from the switch.