Financial Tools

Debt Snowball & Avalanche Planner – Debt Payoff Calculator

See how long it could take to become debt-free, how much interest you’ll pay, and how different strategies change your payoff timeline. Add your debts, choose a method, and we’ll show you a calm, structured plan.

This planner works alongside the Family Budget Planner, Mortgage Prepayment Calculator, and RRSP Growth Calculator so you can connect your debt payoff plan with your overall family finances.

1. Enter Your Debts

Add each debt with its balance, interest rate, and minimum monthly payment.

Debt name Balance ($) Rate (%) Min payment ($)

Choose your payoff method

Snowball Pay off the smallest balances first for quick wins and motivation.
Avalanche Pay off the highest interest rates first to save more on interest.

Extra payment (optional)

* This is on top of your minimum payments and always goes to your current focus debt.

2. See Your Debt Payoff Picture

A calm snapshot of how your debts could unwind over time.

Debt-free timeline

⏱️ Estimated debt-free time
–

What you’ll pay in total

💸 Total paid toward these debts
$0
📈 Interest you’ll pay
$0
🔁 Principal vs. interest
–

Your debts, one by one

  • Start by entering your debts on the left.
Add a few debts and click “Update plan” to see how Snowball or Avalanche changes your time to become debt-free.

When you have breathing room again, you can redirect part of your freed-up payment into longer-term goals using the TFSA Contribution & Growth Calculator or RRSP Growth Calculator.