Interpretation
The lowest-interest result is not the only consideration.
Highest-interest-first generally minimizes modeled interest. Smallest-balance-first may produce an earlier account payoff, which some people find easier to sustain.
Debt calculator
Debt Payoff Calculator
Compare debt snowball and highest-interest-first payoff orders while holding the same monthly payment constant. See estimated payoff time, interest and when each balance would clear—not a personalised repayment recommendation.
Debt inputs
Balances, APRs and required minimums
Total starting balance—
Monthly payment held constant—
Modeled interest difference—
Smallest balance first
Estimated payoff time—
Estimated interest—
Estimated total paid—
Modeled payoff milestones
- Enter debts to compare milestones
Highest APR first
Estimated payoff time—
Estimated interest—
Estimated total paid—
Modeled payoff milestones
- Enter debts to compare milestones
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Method
Minimums are paid first; the remaining budget follows the selected order.
Each month, the model adds balance × APR ÷ 12, pays each required minimum and directs the rest of the fixed payment budget to the next target. When a balance reaches zero, its former minimum rolls forward. The milestone lists show the modeled month in which each entered balance clears.
Source
Two established ways to choose the next debt.
The US Consumer Financial Protection Bureau describes paying either the smallest debt first or the debt with the highest interest rate first, including the tradeoff between motivation and total cost.
Consumer Financial Protection Bureau — How to reduce your debt