Debt Payoff Planner: Snowball

How it works

You type in each debt with its balance, APR and minimum payment, then pick how much you can pay each month on top of the minimums. The planner puts that extra money on one debt at a time. When a debt is paid off, its payment rolls into the next one, so the amount you pay each month keeps working until everything is gone.

• Snowball pays the smallest balance first, so you see a debt disappear early.
• Avalanche pays the highest APR first, which usually costs less interest.

The Compare tab puts both side by side: the debt free month, the total interest, and the difference between them.

A worked example

The example inside the app has four debts: a store card, a student loan, a credit card and a car loan, $18,450 in all, with $150 a month on top of the minimums. With the snowball method you're debt free in October 2029 and pay $3,413 in interest. The avalanche finishes a month sooner, in September 2029, and costs $2,803. Paying only the minimums would take until January 2031 and cost $5,405.

The avalanche saves money, and the snowball gives you an early win, since the store card is gone in July 2027. Which one keeps you going is up to you, and the app shows you both before you choose.

You can run the same example in your browser with the debt snowball vs avalanche calculator on this site. It uses the same math as the app.

What you get

• Your debt free date and total interest for the plan you pick.
• The month each debt is paid off, in payoff order.
• A full monthly schedule for every debt, with a PAID mark when it's done.
• A chart of your total balance over time, with a minimums only line, so you can see what the extra payment does.
• A warning when a minimum payment doesn't cover a debt's interest.
• Backup and restore of your plan as a file.
• An example you can try before typing your own numbers.

Free and Pro

The planner is free for up to 5 debts, with both methods and the full schedule. A one time Pro purchase of $4.99 adds saved plans, a side by side comparison of different plans, your own custom payoff order and unlimited debts. There are no ads in either version and no subscription.

Questions