Snowball prioritizes the smallest balance; avalanche prioritizes the highest rate. A fair comparison uses the same balances, minimum payments and total monthly budget for both methods.
Prepare a four-column list
Enter name, balance, annual nominal rate and fixed minimum payment. Include each debt once. Use outstanding principal rather than a credit limit. This worksheet treats minimums as fixed amounts; actual card minimums may change monthly, so copy a current statement and understand that simplification.
Keep freed payments in the budget
The simulator adds rounded monthly interest, pays minimums, then directs the remaining budget to the priority debt. When a balance clears, the same total budget continues next month. Reducing the budget instead describes a different strategy and changes the payoff time.
Inspect interest, time and the schedule
The result compares months and total interest; the CSV gives payment, cumulative interest and combined remaining debt for each month. Ties follow input order. Check promotional rates, new charges and fees separately. The tool does not contact lenders or choose a personal debt strategy for you.
Worked example
Scroll the table horizontally on small screens to see every column.
| Debt | Balance | Annual rate | Minimum |
|---|---|---|---|
| A | 500 | 20% | 25 |
| B | 1,200 | 10% | 40 |
Minimums total 65. A fixed 200 budget leaves 135 for extra payments in the first month.
Sources and checks
Examples are illustrative and can be checked with the linked tools. Read each tool’s assumptions before applying its result. How we verify methods.