Debt · Canada
Debt payoff plan.
List your debts, pick a strategy, and see exactly when you'll be debt-free. Compare the avalanche (highest rate first) and snowball (smallest balance first) methods.
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Your payoff plan
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Snowball vs avalanche
The two most popular debt payoff strategies are the snowball method and the avalanche method.
Avalanche method
Pay off debts with the highest interest rate first. This saves the most money on interest, making it the mathematically optimal choice. It may take longer to clear your first debt, however.
Snowball method
Pay off debts with the smallest balance first. The quick wins help maintain motivation, though you may pay more total interest.
How it works
With both methods you make minimum payments on all debts, then put any extra money toward the target debt. When that debt is paid off, you roll that payment amount to the next debt, creating a snowball effect.
Disclaimer
This calculator provides estimates for educational and informational purposes only. Actual payoff times and interest savings will vary based on payment consistency, rate changes, and additional fees. If you're struggling with debt, consider consulting a non-profit credit counseling agency or a licensed insolvency trustee.