Current remaining balance on the debt.
$
Standard annual interest rate once any promo period ends.
%
Required monthly payment before any extra payment is added.
$
Debt
Debt Strategy Engine
Build a debt payoff plan with snowball and avalanche schedules, promo-rate support, payoff dates, and sensitivity previews.
Jump to another decision
See all decisionsDebts
List the debts you want gone
Enter each balance, APR, and required payment. The payoff order only works if the starting picture is honest.
Current remaining balance on the debt.
$
Standard annual interest rate once any promo period ends.
%
Required monthly payment before any extra payment is added.
$
Current remaining balance on the debt.
$
Standard annual interest rate once any promo period ends.
%
Required monthly payment before any extra payment is added.
$
Monthly payment
Choose the monthly push
Even small extra payments can shorten the timeline because freed-up payments roll forward.
Target check
To be debt-free by Apr 2028, plan on about $223 more in extra payment each month.
Strategy
Pick the strategy you can stick with
Avalanche minimizes interest. Snowball prioritizes early emotional wins. The comparison stays visible either way.
Assumptions
Model assumptions
Promo rates are optional and hidden until you need them.
Advanced promo-rate assumptionsUse for balance transfers or temporary introductory rates.
Travel Rewards Visa
Optional temporary APR for balance transfers or introductory offers.
%
How many monthly billing cycles remain on the promo rate.
Store Card
Optional temporary APR for balance transfers or introductory offers.
%
How many monthly billing cycles remain on the promo rate.
Personal Loan
Optional temporary APR for balance transfers or introductory offers.
%
How many monthly billing cycles remain on the promo rate.
Results
Turn the payoff plan into a next action
The result shows the date, total interest, monthly progress, and which lever improves the plan fastest.
Recommendation
StrongYou could be debt-free by Jan 2029
Avalanche saves about $227 versus snowball in this scenario, while keeping the payoff order financially efficient.
- Debt-free date:
- Jan 2029
- Interest savings with avalanche:
- $227
- Monthly progress
- 4.3%
33 months
Compared with snowball.
$815 going toward debt each month.
Payoff insight
The math favours interest discipline
This result depends most on APRs and the extra monthly payment. Keep the high-rate debts in focus.
Avalanche
Jan 2029
Highest-rate debts get the extra payment first. Usually the cheapest path.
Extra-payment focus order: Travel Rewards Visa -> Store Card -> Personal Loan
Snowball
Feb 2029
Smallest balances get the extra payment first. Often easier to follow emotionally.
Extra-payment focus order: Store Card -> Travel Rewards Visa -> Personal Loan
Sensitivity check
What changes the answer most?
Each card shows how extra monthly room changes the payoff date and interest cost.+ $100 per month
4 months faster, $458 less interestDebt-free date: Sep 2028
+ $250 per month
9 months faster, $922 less interestDebt-free date: Apr 2028
+ $500 per month
15 months faster, $1,426 less interestDebt-free date: Oct 2027
Planning inputs
Payoff assumptions to keep visible
These assumptions explain why the payoff timeline moves.- Highest APR
- 24.9%
- Current minimums
- $515
- Promo APR (%)
- Yes
High-rate debts drive the cost of waiting.
Minimum payments are treated as fixed amounts unless the balance is smaller.
Promo APR is used first, then the debt returns to its base APR.
Per-Debt Comparison
Review how each debt behaves under snowball and avalanche.
| Debt | Type | Balance | APR | Snowball payoff | Avalanche payoff | Snowball interest | Avalanche interest |
|---|---|---|---|---|---|---|---|
| Travel Rewards Visa | Credit card | $5,200 | 24.9% | Nov 2027 | May 2027 | $1,373 | $770 |
| Store Card | Credit card | $2,800 | 19.9% | Dec 2026 | Oct 2027 | $106 | $500 |
| Personal Loan | Personal loan | $11,000 | 9.2% | Feb 2029 | Jan 2029 | $1,818 | $1,800 |
Disclaimer
The results generated by this calculator are estimates for informational purposes only.
They are based on simplified assumptions and the information you provide.
Money Wizards does not provide financial, legal, tax, or investment advice.
Always verify results and consult a qualified professional before making financial decisions.
Live payoff simulation
You could be debt-free by Jan 2029
- Debt-free date:
- Jan 2029
- Interest savings with avalanche:
- $227
- Monthly progress
- 4.3%
33 months
Compared with snowball.
$815 going toward debt each month.
How to read this
Avalanche saves about $227 versus snowball in this scenario, while keeping the payoff order financially efficient.
StrongMethodology
What This Debt Strategy Tool Helps You Decide
Debt payoff is not only about the mathematically cheapest sequence. This tool shows the financial difference between strategies while still making the payoff order transparent enough to support real-world execution.
- Compares snowball and avalanche payoff schedules using your actual balances, APRs, minimums, and extra payment budget.
- Supports promo-rate debt so temporary balance-transfer offers do not get flattened into one generic APR.
- Shows payoff order, payoff date, sensitivity scenarios, and per-debt interest differences.
- Helps separate emotional execution preferences from the strictly lowest-interest plan.
FAQ
What is the difference between snowball and avalanche?
Snowball prioritizes the smallest balance first to create faster wins. Avalanche prioritizes the highest interest rate first to minimize interest cost.
Why include promo APRs?
Because temporary rates can change the most efficient payoff order for a period of time, especially on transferred credit-card balances.
When might snowball still make sense?
If the cost gap is small but the simpler payoff order makes it more likely you will stay consistent, snowball can still be a rational behavioral choice.