Avalanche vs snowball?

Avalanche (highest rate first) saves the most. Snowball (smallest balance first) builds momentum.

Avalanche (highest rate first) saves the most. Snowball (smallest balance first) builds momentum.

Other Finance

Debt Payoff Calculator

Calculate payoff time for a single debt with a fixed monthly payment.

Debt Balance

APR

Monthly Payment

$$B_t = B_{t-1}\,(1+r) - \text{Payment},\quad\text{repeat until } B_t \le 0$$

Where

B_tbalance after payment

rmonthly rate

Paymentmonthly amount paid

tmonth index