Loans and Debt
Debt Snowball Calculator
Compare the snowball and avalanche debt payoff strategies across all your Australian debts to find your debt-free date and the total interest each saves.
Debt 1
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Debt 2
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Debt 3
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Your results
Debt-free date04/01/2029
Total months2 yr 5 mo
Total interest$2,666.00
| Debt | Month cleared | Interest paid |
|---|---|---|
| Personal loan | 8 | $134.30 |
| Credit card | 17 | $913.87 |
| Car loan | 29 | $1,617.82 |
Snowball vs avalanche
Snowball total interest$2,666.00
Avalanche total interest$2,483.59
Snowball total months2 yr 5 mo
Avalanche total months2 yr 5 mo
Calculation breakdown
- Snowball order
- Debts sorted smallest balance to largest; extra repayment goes to the smallest first.
- Avalanche order
- Debts sorted highest interest rate to lowest; extra repayment goes to the highest rate first.
Assumptions
- Interest compounds monthly on each debt's remaining balance.
- Minimum payments continue on all debts until they're cleared.
- Freed-up minimum payments from cleared debts roll into the extra repayment pool.
- No new debt is added while the plan is running.
How this calculator works
Add each debt with its balance, rate and minimum payment. The simulation pays every minimum, then throws all spare cash at one target debt — smallest balance first for snowball, highest rate first for avalanche.
Frequently asked questions
Which strategy is better?
Avalanche saves the most interest mathematically. Snowball clears individual debts sooner, which many people find easier to stick with.
What is the snowball effect?
As each debt is cleared, its minimum payment is redirected to the next debt, so repayments accelerate over time.
Should I include my mortgage?
Usually not. Focus on high-interest consumer debt first.
Results are estimates only and are not financial, tax, legal or credit advice.
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