Free Tool
Debt snowball calculator
See exactly when you will be debt-free. Compare snowball (smallest balance first) vs avalanche (highest rate first) strategies side by side. Find out which saves more and which gives you wins faster.
Snowball vs Avalanche: what is the difference?
Snowball method
Pay off debts from smallest balance to largest, regardless of interest rate. You get quick wins that build motivation. When balances tie, the debt with the higher interest rate goes first.
Avalanche method
Pay off debts from highest interest rate to lowest. This saves the most money in total interest. When rates tie, the debt with the smaller balance goes first.
Neither method is universally better. Avalanche saves more money. Snowball builds more momentum. The right choice depends on whether you need motivation (snowball) or optimization (avalanche).
How the calculator works
Enter your debts Name, balance, interest rate, and minimum payment for each debt.
Add extra payment (optional) How much extra can you put toward debt each month beyond minimums?
See both strategies Side-by-side comparison: total interest paid, payoff date, and month-by-month schedule for each strategy.
Precise math Interest calculated using integer basis point arithmetic. Monthly interest = balance x rateBps / 120000. No floating-point rounding errors.
Track your debt payoff progress
The calculator gives you the plan. Simple Money lets you track execution. Add your debts, log payments, and watch balances drop over time. See how extra payments accelerate your timeline.
Real-time payoff date
As you log payments, your projected payoff date updates. Extra payments move the date forward visibly.
Interest saved tracker
See how much interest you have saved compared to minimum payments only.
Start your debt payoff plan
Use the calculator inside Simple Money to track your debt elimination over time.