Debt Payoff Planner
Compare different debt repayment strategies to find the most efficient way to become debt-free. See how the avalanche method (highest interest first) and snowball method (smallest balance first) compare to help you make the best decision for your financial situation.
Your Debts
| Debt Name | Balance ($) | Interest Rate (%) | Min. Payment ($) | Actions |
|---|---|---|---|---|
Extra amount you can pay each month beyond the minimum payments
Debt Payoff Comparison
Add your debts to see a payoff comparison.
Debt Payoff Tips
- The Avalanche method (highest interest first) minimizes interest paid and total payoff time
- The Snowball method (smallest balance first) provides psychological wins by eliminating debts faster
- Consider setting up automatic payments to stay consistent with your debt payoff plan
- Look for opportunities to increase your income or reduce expenses to accelerate your debt payoff
- Once debts are paid off, redirect those payments to savings and investments