Debt payoff calculator: snowball or avalanche?

Enter each debt's balance, rate and minimum, and the extra you can pay each month. You get both methods run month by month for up to 240 months: when you are debt-free, what interest you pay, and the order each method clears them in. Same logic as the Bindler workbook, verified against it.

Your debts (up to six)

Debt	Balance	Annual rate, %	Minimum payment

Extra payment per month, on top of all minimums Interest accrues monthly at the annual rate over twelve on the opening balance. Every minimum is paid; the extra, plus the minimums of debts already cleared, goes to the target debt: smallest balance first (snowball) or highest rate first (avalanche).

The workbook: all 240 months of both schedules, plus your budget and net worthPersonal Finance Workbook, $12: Budget against actual, Net worth by month, Debts, Snowball and Avalanche month by month, the Payoff plan, and a Guide. Both schedules verified through a formula engine before listing.

See the workbook

Method: each month every open debt is charged interest on its opening balance at its annual rate over twelve; every minimum is paid (never more than balance plus interest); the extra pool, your extra plus the minimums of debts already cleared, goes to the target debt: the smallest balance for snowball, the highest rate for avalanche, ties broken by the order entered. Same logic as the Bindler workbook. Arithmetic on your own numbers, not financial advice.