Debt Reduction Calculator
Enter your debts below with what you are actually paying each month. Compare snowball and avalanche strategies to see which approach saves you the most time and money. Use mortgage mode for Canadian mortgages with semi-annual compounding.
Your Debts
$32,000
$800/mo
$302/mo
Total monthly: $1,000 (actual payments + extra)
| Current no rollup | Accelerated avalanche + extra | |
|---|---|---|
| Monthly Payment | $800 | $1,000 |
| Extra to Strategy | $0 | $200 |
| Time to Debt-Free | 5y 7m | 3y 2m |
| Total Interest | $10,441 | $5,779 |
| Interest Saved | — | $4,662 |
| Time Saved | — | 2y 5m |
Avalanche targets the highest interest rate first and saves the most money. Snowball clears the smallest balance first for quicker wins.
| # | Debt | Balance | Rate | Term | Your Pmt | Cascade | Total Pmt | Paid Off |
|---|---|---|---|---|---|---|---|---|
| 1 | Credit Card | $12,000 | 19.99% | Rev. | $300 | +$200 | $500 | Yr 2.6 |
| 2 | Car Loan | $15,000 | 6.5% | 60 mo | $350 | +$500 | $850 | Yr 3.2 |
| 3 | Student Loan | $5,000 | 5% | 36 mo | $150 | +$850 | $1,000 | Yr 3.0 |
Using the Avalanche cascade, you reach student loan payoff with $1,000/mo, slashing 2.4 years and $4,662 in interest vs. current payments.
Ready to Build a Debt-Free Plan?
A structured plan that coordinates debt reduction with protection and savings can make a real difference. Let's talk about your situation.
Schedule a ConversationThis calculator is for illustrative purposes only. Results are estimates based on the inputs provided and assume consistent payments and fixed interest rates. Mortgage calculations use Canadian semi-annual compounding as required by law. Actual results will vary. This is not financial advice. Please consult with a licensed professional before making financial decisions.