This free debt payoff methods calculator is designed to demonstrate the outcome of three different debt payoff strategies: Snowball (pay lowest balance debt first), Avalanche (pay highest interest debt first), and Cash Flow (pay highest payment-to-balance ratio debt first). For more information on these strategies, please see the Debt Payoff Methods article.
To use this calculator effectively, you’ll need the balances, interest rates, and minimum payments of all your non-mortgage debts, along with the amount you determine is left over after things like housing and utilities are paid. Start by entering that number in the Amount Available field.
The Minimum Payment field In the Debt section will accept either a dollar amount or a percentage, which is selected via the Minimum Payment Type field. Credit card minimum payments are calculated using a percentage of the balance, and 1-3% is common. You may also be charged a small fee if your balance is very low or over a certain threshold, but due to the wide variety of bank policies, those fees are not included here.