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Debt payoff calculator (Australian)

Compare the avalanche and snowball methods across all your debts and see what each costs.

Debt payoff calculator

Store card
Credit card
Car loan

Must cover every minimum payment combined.

Which debt gets the extra money?

Highest rate first costs least. Smallest balance first clears the first debt sooner.

Debt free in

2y 4m

Paying $2,035 in interest along the way.

Total interest
$2,035
Total repaid
$16,635
Saved vs minimums only
$4,001

And 2y 7m sooner.

Snowball would cost
$2,035

2y 4m to clear.

Order they clear

  1. 1.Store cardmonth 5
  2. 2.Credit cardmonth 21
  3. 3.Car loanmonth 28
Month-by-month balance
Total balance, interest and payments each month
MonthBalanceInterestPaid
1$14,160$160$600
2$13,713$153$600
3$13,258$146$600
4$12,797$139$600
5$12,328$131$600
6$11,853$125$600
7$11,371$119$600
8$10,884$112$600
9$10,390$106$600
10$9,890$100$600
11$9,384$94$600
12$8,871$87$600
13$8,352$81$600
14$7,826$74$600
15$7,294$67$600
16$6,754$61$600
17$6,208$54$600
18$5,655$47$600
19$5,094$40$600
20$4,527$32$600
21$3,952$25$600
22$3,373$21$600
23$2,791$18$600
24$2,206$15$600
25$1,618$12$600
26$1,027$9$600
27$433$6$600
28$0$2$435

Minimum payments are held at the amount you enter rather than falling as balances fall, and no new spending is added to any debt.

Estimate only. This result is produced from the figures you entered and the assumptions listed on this page. It is not financial advice, not a quotation and not an offer, and no provider is bound by it. Check current terms with the provider before acting. Nothing you type here is sent anywhere — the calculation runs entirely in your browser.

How this is worked out

Each month: interest = balance × APR ÷ 12; minimums are paid on every debt; the rest of the budget goes to one target debt.

What this assumes

A calculator is only as good as what it leaves out. These are the assumptions built into the result above.

  • Minimum payments stay at the amount you enter rather than falling as balances fall.
  • Interest is charged monthly on the outstanding balance.
  • No new spending is added to any of the debts.
  • Both strategies are run on your figures so you can see the difference rather than take a rule of thumb.

Educational information only. This page explains how something works in Australia. It is not financial advice and does not take account of your circumstances. Rates, fees and eligibility change without notice — check the provider’s own terms before you act.

For free, impartial guidance, see Moneysmart (ASIC). To complain about a firm, contact the Australian Financial Complaints Authority.

Guides that go with this tool