Debt payoff calculator
Compare the avalanche and snowball methods across all your debts and see what each costs.
Minimum payments are held at the amount you enter rather than falling as balances fall, and no new spending is added to any debt.
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 the 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
Getting Out of Credit Card Debt in Australia
A worked sequence for clearing Australian card balances, including balance transfers, hardship rights and free financial counselling.
Debt Snowball vs Avalanche: Which Should You Use?
One order costs less in interest. The other clears debts sooner. Run both on your figures and the answer usually settles itself.