Debt Payoff Planner
List every debt once, then compare four strategies side by side — paying minimums, the avalanche, the snowball, and a single consolidation loan. See which clears your debt soonest, which saves the most interest, and the order to knock them out.
Strategy comparison
Every strategy pays the same minimums; the avalanche, snowball and consolidation add your extra budget. Lower interest and a nearer payoff date win.
| Strategy | Monthly | Payoff time | Total interest | Interest saved |
|---|
Total balance over time
Combined balance of all debts, month by month, under each strategy. The steeper the drop, the faster you are free.
Payoff order
The sequence your debts get cleared under the recommended strategy.
Yearly schedule
Annual summary of the recommended strategy: what you pay, how much is interest, and the balance left.
| Year | Paid | Principal | Interest | Balance |
|---|
How this is calculated
Month-by-month simulation
Every strategy is run as a real monthly simulation, not a formula shortcut. Each month, every debt accrues interest at its monthly rate r = annual% ÷ 12 ÷ 100 and its minimum payment is applied first. The principal paid is minimum − interest. This is more honest than the closed-form n = −ln(1 − B·r/A) ÷ ln(1 + r), which breaks when a payment barely covers interest.
Minimums only (the baseline)
Each debt is paid its own fixed minimum until it clears — nothing rolls over. This is the do-nothing baseline every other strategy is measured against. We assume the minimum stays fixed; real credit-card minimums are the greater of about 3% of the balance or a flat floor (5% in Quebec), which shrink over time and stretch payoff out even longer.
Avalanche vs snowball
Both pay every minimum, then pour your extra budget — plus every minimum freed up when a debt clears — onto one target debt. Avalanche targets the highest interest rate first: mathematically the least total interest. Snowball targets the smallest balance first: costs a little more but banks quick wins. The rolling "freed-up minimum" is what makes both dramatically beat paying minimums separately.
Consolidation loan
All balances are combined into one loan. Any origination fee is financed into the balance, so the loan amount is total debt × (1 + fee%). The fixed monthly payment is the standard amortization P·l ÷ (1 − (1 + l)⁻ⁿ) where l is the monthly loan rate and n = term × 12. Consolidation wins only when its rate beats your weighted-average rate and you don't reborrow. A longer term lowers the payment but can raise total interest — always compare the interest column, not just the payment.
2026 Canadian rate context
As of July 2026, unsecured personal-loan rates run roughly 8–13%, a HELOC sits near prime plus 0.5–1% (about 5–6% with prime at 4.45%), and balance-transfer cards advertise 0–3.99% promos for 6–12 months with a 1–3% transfer fee. Credit cards themselves average about 20.99%. Qualifying for the best rate depends on your credit score and income.
What this doesn't model
Declining percentage-based minimums, balance-transfer promo windows that expire, prepayment penalties, variable rates, new spending on cleared cards, or the tax treatment of interest. For a single card in detail try the credit card payoff calculator; for tapping home equity as a consolidation source see the home equity calculator.