Debt Payoff Planner
List what you owe. See, in actual months and rupees, whether paying off the smallest balance first or the highest interest rate first gets you free sooner.
Your numbers
₹5,000
Result — with the workings shown
Avalanche: debt-free in
3.8 yrs
₹1,79,530 interest
Snowball: debt-free in
4.3 yrs
₹1,90,601 interest
Interest saved
₹11,072
avalanche vs. snowball
How this is worked out
You owe ₹8,55,000 across 3 debts, paying ₹22,200/mo in minimums plus ₹5,000 extra. Avalanche (highest interest rate first) clears everything in 45 months for ₹1,79,530 in interest. Snowball (smallest balance first) takes 51 months (6 longer) for ₹1,90,601. Avalanche is mathematically optimal; snowball can be easier to stick with because balances disappear sooner.
AvalancheSnowball
Terms used on this page
- APR
- Annual Percentage Rate — the yearly interest rate charged on what you owe, including most fees. Higher APR = more expensive debt.
- Avalanche
- Pay minimums on everything, then throw every extra rupee at whichever debt has the highest APR first. Mathematically the cheapest way out.
- Snowball
- Pay minimums on everything, then throw every extra rupee at whichever debt has the smallest balance first. Costs a bit more in interest, but debts disappear faster, which keeps some people more motivated.
- Minimum payment
- The smallest amount your lender requires each month to keep the account in good standing — paying only this takes far longer and costs far more in interest.