List your debts, add what you can pay each month, and see the date you finish. Compare the snowball method (smallest balance first) with the avalanche method (highest interest rate first).
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You pay the minimum on every debt. Then you put all your extra money toward the debt with the smallest balance. When that debt is gone, you add its payment to the next smallest one. The payment on the target debt grows each time one is cleared, which is where the name comes from.
The avalanche method targets the highest interest rate first, so it usually costs less in interest. The snowball method clears small debts sooner, which many people find easier to stick with. The calculator above shows both plans side by side so you can see the difference in your own numbers.
Each month, interest is added to every balance using the annual rate divided by 12. Then your minimum payments are made, and everything left in your monthly budget goes to the target debt. Your total monthly budget stays the same, so minimums from cleared debts roll forward.
What if my plan never finishes? That happens when your payments do not cover the monthly interest. Raise the extra payment or the minimums until the plan completes.
Should I save an emergency fund first? Many people keep a small cushion before attacking debt so one surprise bill does not go back on a card. That choice is yours.
This calculator gives estimates for general information only. It is not financial advice. Real lenders may calculate interest daily, charge fees, or change rates, so your actual payoff date can differ. Talk to a qualified adviser about your situation.