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Debt payoff planner

If you have more than one debt, the order you pay them off matters. Pay the Minimum paymentThe smallest amount you can pay on a bill, like a credit card, without being charged a late fee.More in the glossary on every debt, then put any extra money toward one debt at a time.

With the Debt avalanchePaying off debts by putting extra money toward the one with the highest interest rate first. It saves the most money.More in the glossary method, extra money goes to the debt with the highest APRAnnual percentage rate. The yearly cost of borrowing money, including interest and some fees, shown as a percent.More in the glossary first. That saves the most money. With the Debt snowballPaying off debts by putting extra money toward the smallest balance first. Quick wins can help you keep going.More in the glossary method, it goes to the smallest balance first. That gives you quick wins. Both work. The best one is the one you'll stick with.

We filled in example numbers. Change them to match your situation.

Your debts

Your debts
NameAmount owedAPRMinimum monthly payment
Credit card$240024.99%$72
Store card$60029.99%$30
Medical bill$9000%$50
  1. Debt 1
  2. Debt 2
  3. Debt 3

Include the minimums. Right now they add up to $152.

Your results

  • Avalanche

    Highest APR first

    Debt-free in
    1 year and 7 months
    Total interest
    $645.22

    Order paid off

    1. Store card: month 6
    2. Medical bill: month 18
    3. Credit card: month 19

  • Snowball

    Smallest balance first

    Debt-free in
    1 year and 7 months
    Total interest
    $718.10

    Order paid off

    1. Store card: month 6
    2. Medical bill: month 9
    3. Credit card: month 19

  • Just the minimums

    Paying $152 a month

    Debt-free in
    3 years
    Total interest
    $1,469.44

    Order paid off

    1. Medical bill: month 18
    2. Store card: month 22
    3. Credit card: month 36

What this means

  • Avalanche saves you $72.88 in interest compared with snowball.
  • Paying $98 more than the minimums each month gets you debt-free 1 year and 5 months sooner and saves $824.22 in interest.

This assumes your APRs stay the same and you don't add new charges. Real payoff dates may be a little different.

Where to get free help

  • Nonprofit credit counseling (NFCC)

    A certified credit counselor can go over your budget and debts with you, for free or at low cost.

  • 211

    Call or text 2-1-1 for free, private help finding local programs for rent, utilities, food, and other bills.

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