Finance Formula • Published on September 01, 2026 • Last updated September 01, 2026
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Remaining debt principal balance at month t
Monthly interest rate (Annual APR / 12 / 100)
Mandatory monthly minimum payment for the debt
Extra monthly payment pool allocated to priority target debt
Reallocated payments from previously cleared debts (Cascade)
The Debt Payoff Formula models the multi-debt elimination process using an amortization cascade. In every month t, interest accrues on outstanding loan balances.
Mandatory minimum payments are made across all debts, while all extra funds and rolled-over payments from paid-off debts are funneled toward a single priority target debt. The priority order is determined by either the Debt Avalanche (highest APR first) or Debt Snowball (smallest balance first) method.
Debt Avalanche targets the debt with the highest APR first to minimize total interest paid. Debt Snowball targets the smallest balance first to build fast psychological wins.
When a debt is cleared, continuing to spend the same total monthly budget by redirecting that cleared payment to the next debt creates a snowballing cascade effect that eliminates debt years earlier.
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