Debt Avalanche Calculator

You’re ready to tackle your debt and have a plan to save more and reduce your debt: Pay down the balance with the highest interest rate first, then move on to the card with the next highest interest rate and do the same. Repeat until debt free.

This method of attacking the balance with the highest interest is called “rolling down debt” or “the debt avalanche method” and can be an effective strategy to keep you on track to eliminating debt.

Forbes Advisor has created this calculator to help you simulate various pay-off scenarios based on your budget, current balances and interest rates on those balances.

The first step is to examine your monthly credit card statements and list the accounts from highest to lowest interest rates. Then, plug them into our calculator and you can see estimates for how much you’ll need to pay on each card per month, how long it will take to pay off each card and the amount of interest you could save by using the debt avalanche to get out of debt.

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For more information about these financial calculators please visit: Financial Calculators from KJE Computer Solutions, Inc.

Information and interactive calculators are made available to you only as self-help tools for your independent use and are not intended to provide investment or tax advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.

How Does a Debt Avalanche Work?

To use the debt avalanche method of paying down debt, focus on the debt with the highest interest rate first. So, if your highest interest debt is a credit card balance with an annual percentage rate of 20.99%, make paying off that debt your primary goal while still making at least the minimum monthly payments on your other debts. Any extra money in your budget goes toward your highest interest debt—in this case, the credit card with an APR of 20.99%.

Once the credit card debt with the 20.99% APR is paid off, move on to the debt with the next highest interest rate. The debt snowball, in contrast, focuses on the smallest debts first so you get a psychological boost from eliminating some of your debt sooner.

How To Use the Debt Avalanche Calculator

To calculate various repayment scenarios using the debt avalanche calculator, click the drop-down box that says “Credit card debt” and enter your credit card balances and interest rates. Then, in the box above, enter any additional amount that you can pay toward your debt in the “Roll-down amount” field.

The calculator will apply your additional monthly payment first to the credit card with the highest rate. When that credit card is paid in full, the card with the next highest rate will be paid down. This continues until you have “rolled through” all of your credit cards and your debt is paid in full.

You’ll get a quick summary at the top of the calculator showing how much this plan could save you in interest charges, and you can click the “View Report” button for a detailed look at the results.

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Information provided on Forbes Advisor is for educational purposes only. Your financial situation is unique and the products and services we review may not be right for your circumstances. We do not offer financial advice, advisory or brokerage services, nor do we recommend or advise individuals or to buy or sell particular stocks or securities. Performance information may have changed since the time of publication. Past performance is not indicative of future results.

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Adam Frankel

Credit Cards Writer

With over four decades of experience as a portfolio manager and educator, Adam B. Frankel simplifies credit card strategies and complex personal finance topics for anyone seeking to gain a better understanding of how to manage their money. His work has been featured in national personal finance sites including Forbes Advisor, Fortune, MarketWatch and CardRatings.

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Debt Avalanche Calculator

What Is a Debt Avalanche?

How Does a Debt Avalanche Work?

How To Use the Debt Avalanche Calculator

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