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Avalanche vs Snowball Debt Payoff Worksheet
The avalanche method targets the highest interest rate first and costs you the least. The snowball method targets the smallest balance first and gives you a win sooner. Arguments about which is better usually skip the step that matters: writing down every debt in one place. This worksheet does that, gives you both rankings side by side, and pairs with the debt payoff calculator so you can price the difference before choosing.
What this template is for
A draft built around the details you need
Use this to inventory every debt, then compare the avalanche and snowball payoff orders before committing to one.
This is a planning worksheet, not debt advice. If you are missing payments, facing collections, or considering a consumer proposal or bankruptcy, speak with a Licensed Insolvency Trustee or a non-profit credit counsellor before acting.
How to use it
- Add a row for every debt, including the ones you would rather not look at.
- Enter the balance, the interest rate, and the minimum payment for each.
- Number the avalanche column from highest rate to lowest, and the snowball column from smallest balance to largest.
- Run the totals through the [[debt payoff calculator|/tools/debt-payoff-calculator]] to see the interest difference.
Make your own
Fill in your details, then download a PDF or an editable Word file.
Common questions
Which method actually saves more money?
The avalanche, always, because interest is what you are fighting. The gap is often smaller than people expect — a few hundred dollars across a typical consumer debt load — which is why the snowball's motivational advantage is a legitimate trade rather than a mistake.
Do I keep paying minimums on everything else?
Yes. Both methods pay every minimum every month and direct only the surplus at the target debt. Skipping a minimum to accelerate another debt triggers fees and a credit report mark that costs more than the interest saved.
Where does a line of credit fit?
Treat it like any other debt: balance, rate, minimum. Watch that the rate is usually variable, so a line of credit can climb the avalanche ranking mid-plan. That is why the worksheet has a review date.
Should I consolidate instead?
Only if the consolidated rate is genuinely lower after fees, and only if you stop using the cleared cards. Consolidation that leaves the old accounts open frequently ends with the same balances plus a new loan.
What if the minimum payments alone exceed what I can pay?
Then no payoff order fixes it, and a worksheet is the wrong tool. Contact a non-profit credit counselling agency or a Licensed Insolvency Trustee — the initial consultation is normally free and the options are better the earlier you ask.
How this template is maintained
- Last reviewed
- Reviewed by
- Thomas TremblayFounder and editor, Canooq
Sources
- FCAC: making a plan to pay off your debt — verified August 6, 2026
See also
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