Currency: USD
Enter all amounts in USD. Changing currency keeps numbers unchanged; no exchange rate is applied.
- Debt-free after
- 30 months
- Total interest
- $2,836.56
- Monthly debt budget
- $600.00
Debt balance over time
USDDetailed breakdown
| Month | Payments (USD) | Interest (USD) | Remaining balance (USD) |
|---|---|---|---|
| 1 | 600.00 | 191.67 | 14,591.67 |
| 2 | 600.00 | 185.43 | 14,177.10 |
| 3 | 600.00 | 179.09 | 13,756.19 |
| 4 | 600.00 | 172.65 | 13,328.84 |
| 5 | 600.00 | 166.10 | 12,894.95 |
| 6 | 600.00 | 159.45 | 12,454.40 |
| 7 | 600.00 | 152.69 | 12,007.08 |
| 8 | 600.00 | 145.81 | 11,552.90 |
| 9 | 600.00 | 138.83 | 11,091.72 |
| 10 | 600.00 | 131.73 | 10,623.45 |
| 11 | 600.00 | 124.51 | 10,147.96 |
| 12 | 600.00 | 117.17 | 9,665.13 |
| 13 | 600.00 | 109.71 | 9,174.84 |
| 14 | 600.00 | 102.13 | 8,676.97 |
| 15 | 600.00 | 94.43 | 8,171.40 |
| 16 | 600.00 | 86.60 | 7,658.00 |
| 17 | 600.00 | 78.64 | 7,136.64 |
| 18 | 600.00 | 71.37 | 6,608.00 |
| 19 | 600.00 | 66.08 | 6,074.08 |
| 20 | 600.00 | 60.74 | 5,534.82 |
| 21 | 600.00 | 55.35 | 4,990.17 |
| 22 | 600.00 | 49.90 | 4,440.07 |
| 23 | 600.00 | 44.40 | 3,884.47 |
| 24 | 600.00 | 38.84 | 3,323.32 |
| 25 | 600.00 | 33.23 | 2,756.55 |
| 26 | 600.00 | 27.57 | 2,184.12 |
| 27 | 600.00 | 21.84 | 1,605.96 |
| 28 | 600.00 | 16.06 | 1,022.02 |
| 29 | 600.00 | 10.22 | 432.24 |
| 30 | 436.56 | 4.32 | 0.00 |
How it works
Compare the first win with final payoff
Snowball may clear the first account earlier while avalanche finishes the entire portfolio sooner under the same fixed budget. Compare both the first debt-free account and total interest; these measure different benefits.
Comparing payoff priorities with the same budget
Keep the total payment budget constant when comparing debt-payoff strategies. Otherwise, a faster result may come from paying more rather than changing which debt receives extra money first. Check how minimum payments, rollover amounts, and dated extras are entered. The schedule assumes the modeled debts and rates, so new borrowing or a rate change requires an updated scenario.
Multiple debt payoff: formula and assumptions
Pay minimums, allocate extra cash to the priority debt, and roll freed payments into the remaining debts.
Interest is applied monthly at APR/12 and minimum payments remain fixed until payoff. The engine limits schedules to 100 years.
Payment budgets, rollover & dated extras: formula and assumptions
Ending debt = opening debt + monthly interest − minimums − allocated extra payments.
All minimums are paid first. Extra payments then follow your selected priority. Annual and dated extras apply once and do not increase future monthly budgets.
Worked example
Reference example currency: USD. These fixed examples do not change with your calculator preferences.
Using the Multiple debt payoff example:
- Debts: balance, APR %, minimum monthly payment
- 5000, 22, 150 10000, 12, 250
- Extra monthly debt budget ($)
- 200
- Repayment strategy
- Highest rate first
Pay minimums, allocate extra cash to the priority debt, and roll freed payments into the remaining debts.
Example result
Debt-free after: 30 months
Total interest: $2,836.56
Monthly debt budget: $600.00
These are illustrative inputs. Change the values to explore a different scenario.
Formula references
References explain the underlying methods; they do not imply endorsement or individual professional review of Finflo.
Common questions
How do avalanche and snowball ordering differ?
Avalanche prioritizes higher interest rates; snowball prioritizes smaller balances. Both pay entered minimums before allocating extra cash.
What happens after one debt is paid off?
Its freed payment is redirected to remaining debts. The model assumes no new borrowing and fixed minimum-payment amounts until payoff.
Prepared by Finflo. See our methodology and editorial policy. Read the relevant professional-advice limitations.