This calculator shows how long it will take to pay off your debts, and how much interest you will pay. It works by paying the minimum on every debt and putting any extra money toward one debt at a time. When that debt is paid off, its payment "snowballs" into the next one, so each debt goes faster than the last.

Example data is filled in so you can see how it works. Scroll down to see the results. When you're ready, click Clear all and enter your own debts. You can bring the example back at any time with Load example.

1. Date last updated: the date your balances were correct. This is usually the date on your latest statements. The payment schedule starts the next month.
2. Choose a payoff method:
   • Avalanche pays the highest interest rate first. This usually saves the most money.
   • Snowball pays the smallest balance first. You pay off debts sooner, which helps you stay motivated.
   • Custom lets you choose the order. Type 1, 2, 3 and so on in each debt's Order box.
3. Enter your debts: for each one, enter a name, the balance you owe, the minimum monthly payment and the interest rate (APR). All of these can be found on your statement. Leave extra rows blank, since blank rows are ignored. Click Add debt if you need more rows.
4. Set your total monthly payment: this starts at the total of your minimum payments. Raise it to add extra money each month. That extra is what gets your snowball rolling. If you only pay the minimums, there is no extra money to move from one debt to the next.
5. Read the payment schedule: each row is a month, and each column is a debt, in the order they will be paid off from left to right. Each cell is what to pay that debt that month. A green cell with a means that debt is paid off. Turn on Show remaining balances to see what's left after each payment.

Your data saves automatically as you type. Update your balances and the date whenever you get new statements to keep the plan current. This calculator is an estimate. Your lenders may calculate interest a little differently.