Debt payoff calculator
Compare highest-rate-first and smallest-balance-first repayment. Keep the same monthly budget and see how the paths differ.
Calculated in your browser. No account or email needed.
Your debts
CAD / monthlyUse general labels, not account numbers. Minimums are fixed monthly amounts you enter, not automatically calculated credit-card minimums.
Includes all minimums plus extra payments. This budget stays fixed as debts are paid off.
Add a one-time payment
One budget. Two approaches.
Assumptions$2,793.80 CAD
Your combined balance
CADBudget stays at $800.00 per month, with freed minimums and unused final payments going to the next priority debt in the same month. Rates and entered minimums stay fixed. This excludes new spending, variable rates, fees and lender-specific daily-interest rules.
| Strategy | Interest | Outcome |
|---|---|---|
| Avalanche | $2,793.80 | 32 months |
| Snowball | $2,826.55 | 32 months |
Individual payoff months and interest
| Debt | Paid off at month | Interest |
|---|---|---|
| Credit card | 17 | $758.78 |
| Line of credit | 32 | $1,389.34 |
| Car loan | 32 | $645.68 |
Year-by-year combined balance
| Year | Total paid | Interest | Balance |
|---|---|---|---|
| 1 | $9,600.00 | $1,808.45 | $14,708.45 |
| 2 | $19,200.00 | $2,638.11 | $5,938.11 |
| 3 (partial) | $25,293.80 | $2,793.80 | $0.00 |
Keep a plan. Try a what-if.
Save a comparison, then change your numbers. Inputs stay in this browser.
What is the difference between debt snowball and avalanche?
Both approaches keep minimum payments on every debt and direct extra money to a priority. Avalanche targets the highest interest rate; snowball targets the smallest remaining balance. This tool keeps the same total monthly budget and compares both using entered fixed minimums and nominal monthly interest.
Reviewed October 23, 2026 by DollarMath. Educational estimates. Sources and calculation scope.
Common questions
Does the monthly budget include minimum payments?
Yes. Enter the total monthly amount available for all debts, including minimums and extras. It must cover the sum of the fixed minimum amounts you enter. The budget stays fixed after a debt is paid off, freeing its minimum for the next debt.
Does this calculate credit-card minimum payments automatically?
No. Enter the minimum amounts from your statements. This model holds them constant and applies nominal annual rates divided by 12. Actual card rules can use daily interest, changing minimums, new purchases, promotional rates and fees.
What happens if my debts are not paid off in the projection?
The projection stops after 600 monthly periods and shows the remaining balance. It does not claim that a remaining debt is paid off. Increase the budget or review the assumptions; comparisons between incomplete projections are not lifetime savings.
The plan behind the payoff
Calculation version: monthly-debt-v1. Generic monthly debt mathematics in CAD, separate from Canadian mortgage compounding.
Minimums first, then one priority
Each month starts with interest rounded to cents on each opening balance, using the nominal annual rate divided by 12. Each active debt receives its entered fixed minimum, capped at the amount owed. The remaining budget goes to the selected priority, carrying unused amounts to the next debt in the same month. A one-time payment is added to that month’s budget. The monthly budget stays fixed as debts disappear.
Avalanche orders remaining debts by highest rate, then smallest remaining balance. Snowball orders them by smallest balance, then highest rate. Ties finally use a stable debt identifier. Minimums are applied before ranking. Payments are capped at what is owed, so unused final budget or lump sums are not reported as paid.
A worked example
At a nominal 12% rate, a 1,000 balance accrues 10 of interest in month one. A 1,000 payment leaves 10. Month two adds 0.10 interest, so the final payment is 10.10. Total interest is 10.10 and total paid is 1,010.10 under this monthly, cent-rounded model.
When the estimate ends
The tool supports up to 10 debts and a 50-year projection. If a plan has not paid off by then, the remaining balance is shown instead of a payoff claim. If a minimum is below interest, that debt can grow until the budget reaches it. The tool does not automatically calculate changing credit-card minimums, new spending, daily interest, promotional rates, fees, missed payments or refinancing eligibility. Update minimums from statements and check contract terms before using extra payments.
Both strategies use identical debts, budget and one-time cash. An apparent interest comparison over incomplete projections is not a lifetime saving. These are educational estimates, not a lender quote or personalized advice. For one amortizing loan and its scheduled payment, use the loan repayment calculator.