Compare debt payoff plans using the same payments
Enter each current balance, annual percentage rate and required monthly payment. For a $1,000 balance at 12% APR, a simplified monthly model starts with $10 interest. A $100 payment reduces principal by $90, leaving $910 before the next month.
Actual lenders may accrue interest daily, change minimum payments or charge fees. A payment that does not cover interest can increase the balance. Compare the avalanche and snowball methods using the same total monthly budget; check early-payment terms with the lender.
Method guidance reviewed 24 October 2026. CFPB consumer financial tools provide additional budgeting and borrowing guidance. Explore the financial tools hub for related scenarios.