Your debts
$
%
$
$
%
$
$
Debt-free by
—
— months from today
Total interest paid
$0
Interest saved vs. minimums only
$0
Payoff order
—
Total balance over time
How it's calculated
New Balance = Balance + (Balance × APR ÷ 12) − Payment
Avalanche order ranks debts by APR, highest to lowest — all extra payment goes to the top-ranked debt until it's paid off, then rolls to the next.
Snowball order ranks debts by balance, smallest to largest, using the same roll-over logic.
Snowball order ranks debts by balance, smallest to largest, using the same roll-over logic.
Key concepts
The terms behind the numbers above, explained simply.
Definition
The yearly cost of borrowing on a debt, including interest (and sometimes fees), expressed as a percentage. Higher-APR debt costs you more for every month it isn't paid off.
Definition
The smallest amount a lender requires you to pay each month to keep the account in good standing. Paying only the minimum is usually the slowest, most expensive way to become debt-free.
Definition
A payoff strategy where you put all extra money toward the debt with the highest interest rate first, while paying minimums on everything else. Mathematically the fastest/cheapest method, since it eliminates the most expensive debt first.
Definition
A payoff strategy where you put all extra money toward the smallest balance first, regardless of interest rate. Costs slightly more in interest than the avalanche method but can build motivation faster with quick early wins.
Definition
How each payment splits between interest (the cost of carrying the balance) and principal (what actually reduces what you owe). On high-APR debt, a large share of the minimum payment can go to interest alone.
Definition
The sum of every interest charge you'll pay across all debts before they're at zero, under your chosen strategy and extra-payment amount — the number that shows the real cost of carrying debt over time.
Not financial advice. Finistack calculators are educational tools that estimate outcomes based on the assumptions you enter. They're not financial, tax, or legal advice, and Finistack is not a bank, CPA, or certified financial adviser. This tool assumes fixed APRs and consistent payments — actual results vary if rates change, payments are missed, or new charges are added to a balance.