Financial Tools

Debt Snowball & Avalanche Planner — Debt Payoff Calculator

Carrying multiple debts can feel overwhelming — especially when it’s hard to see progress month to month. This calm debt planner helps Canadian families understand what payoff could actually look like when you follow a clear, structured approach.

  • See how long it could take to become debt-free.
  • Compare Snowball vs Avalanche payoff strategies.
  • Understand how much interest each approach may cost over time.

This planner works best alongside the Family Budget Planner, the Mortgage Booster, and long-term planning tools like the RRSP Growth Calculator — so your debt payoff fits into your broader 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.

* This debt planner is for educational purposes only and does not provide personalized financial or credit advice. Results are based on simplified assumptions and do not account for changing interest rates, lender rules, missed payments, or additional borrowing.

2. See Your Debt Payoff Picture

Enter your debts and monthly payment to see a clear payoff path.

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.

How debt payoff strategies work

A debt payoff planner helps you understand how long it may take to become debt-free based on your balances, interest rates, and monthly payments. It also shows how different strategies affect the total interest you’ll pay over time.

Debt Snowball vs Debt Avalanche

The Snowball method focuses on paying off the smallest balances first to build momentum. The Avalanche method targets the highest interest rates first to reduce total interest. Both approaches can work — the best choice is the one you can stick with.

Why a clear payoff plan matters

Without a plan, debt can linger longer than expected. Seeing a clear timeline and understanding how extra payments change the outcome can help families stay motivated and reduce financial stress.

Note: This tool provides educational projections only. Actual outcomes depend on lender rules, changing rates, and payment behaviour.