Debt Payoff Calculator
Got more than one debt? The order you pay them off matters. Add each debt with its balance, APR, and minimum payment — we'll simulate two strategies (snowball: smallest balance first; avalanche: highest APR first) and show you the trade-off.
How is this calculated?
Each month: apply monthly interest to all debts, pay each debt’s minimum, then dump the rest of your budget into the highest-priority debt (smallest balance for snowball; highest APR for avalanche). When a debt is cleared, its minimum becomes available for the next debt. Repeat until all debts are zero.
Frequently Asked Questions
Should I use snowball or avalanche?
Avalanche pays less total interest (mathematically optimal). Snowball gives faster psychological wins because you knock out small debts quickly — the boost helps people stick with the plan. If the difference in total interest is small, snowball's behavioural advantage often wins. If it's large, avalanche pays for itself.
What's the most important factor in paying off debt?
How much extra you pay above the minimums. Strategy matters at the margin — paying €100 more per month over the minimum dwarfs the snowball-vs-avalanche difference for most people.
Should I take a balance-transfer card to help?
Often yes if you can find a 0%-promotional card and clear the balance during the promo period. Watch for: balance-transfer fees (1.5%–4%), promotional period length, and the standard rate after promo. Don't add new spending to the transferred card.
Is there a debt I should pay off first regardless?
Payday loans and revolving doorstep credit, immediately — often 100%+ APR, eats your budget. After that: credit cards, then store cards, then personal loans. Mortgage and student loans are usually last because their APRs are lower and the interest may be deductible (in some jurisdictions).
Should I save while paying off debt?
Build a small emergency fund (€1–2k) BEFORE aggressive debt payoff, so one surprise bill doesn't push you back into debt. Once that's in place, prioritise debt payoff over additional savings until high-interest debt is gone.
Last updated: May 2026 · Rates sourced from Revenue