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Debt Payoff Planner

When can I be debt-free?

Add your debts and any extra you can pay each month. Compare snowball and avalanche side by side.

Rules as of 2026 Runs in your browser, nothing stored No sign-up
BALANCEDebt-free planMar 2028✓Credit card paid offRolled $120 into next debt$Interest saved$612 with avalanche
Finance Woman
Your planDebt Payoff PlannerWhen can I be debt-free? · Created · thefinancewoman.com/tools/debt-payoff-planner

Your inputs

On top of all your minimums.
Your debt-free date
August 2029

Total debt today: $22,700. With $200 extra a month, both methods cost about the same, so the snowball gives you faster wins.

Snowball · Smallest balance first
34 months
Interest: $3,269
  1. Credit card: month 16
  2. Line of credit: month 29
  3. Car loan: month 34
Avalanche · Highest rate first
34 months
Interest: $3,269
  1. Credit card: month 16
  2. Line of credit: month 29
  3. Car loan: month 34

Your next 3 steps

  1. Set up autopay for every minimum so you never miss a payment.
  2. Send your extra payment to your first target: Credit card.
  3. When a debt is paid off, roll its full payment into the next one.

Keep your plan

Save it as a PDF on your device. We don’t store your numbers.

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How this works

Each month we add interest to every balance, pay every minimum, then put your extra payment on one target debt. When a debt is paid off, its minimum rolls into the next target.

Snowball targets the smallest balance first for quick wins. Avalanche targets the highest interest rate first, which usually costs less interest.

Educational estimate only. Finance Woman shares financial education, insights and general information for women in Canada. We are not a registered or licensed financial, investment, tax or legal adviser, and we do not sell or recommend financial products. Do your own research and speak to a licensed professional before you act.

Questions

Which is better, snowball or avalanche?

Avalanche usually saves more interest. Snowball gives faster early wins, which helps many people stay motivated. The best method is the one you keep doing.

What if my minimum payment does not cover the interest?

The balance will grow. The planner warns you. Contact your lender early, or speak to a non-profit credit counselling agency.

Learn more

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