Debt avalanche

Every month, your extra payment goes toward whichever debt has the highest interest rate, while every other debt gets its minimum. Mathematically, this minimizes the total interest you pay over the life of your debt.

Debt snowball

Every month, your extra payment goes toward whichever debt has the smallest balance, regardless of interest rate. It usually costs a bit more in interest, but clears individual debts faster, which many people find keeps them motivated to stick with the plan.

How the simulation works

Each month, interest accrues on every debt's balance, minimum payments are applied, and then the extra payment goes to that month's target debt. When a debt is paid off, its minimum payment amount rolls into the extra payment pool for the following month — so your total monthly payment stays constant and speeds up over time.

What this calculator doesn't account for

• Rate changes — we assume each APR stays fixed for the life of the debt. Variable-rate cards and lines of credit can change.
• Fees, promotional rates, and balance transfers — not modeled.
• New debt — the simulation assumes you stop adding new charges and stick to the same extra payment every month.
• This is an educational estimate, not financial advice — consult a financial professional for a plan tailored to your situation.