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Home › 3. Calculators & Personal Finance Tools › Create a Debt Payoff Calculator (Snowball vs Avalanche)

Create a Debt Payoff Calculator (Snowball vs Avalanche)

3. Calculators & Personal Finance Tools ⏱ 25 minutes min 📊 Intermediate

Objective

Compare two popular debt payoff strategies and build a simple payoff timeline.

Materials Needed

  • AI chat tool
  • List of debts with balances, interest rates, and minimum payments (real or example)

Step-by-Step Instructions

  1. 1

    List your debts (or use example debts) with balance, interest rate, and minimum payment.

  2. 2

    Prompt: 'Explain the debt snowball and debt avalanche methods, then apply both to this list of debts.'

  3. 3

    Ask the AI to show which method pays off debt faster and which saves more in interest.

  4. 4

    Ask for a month-by-month payoff order based on the method you prefer.

  5. 5

    Ask the AI to build this as a simple spreadsheet table.

Instructor TipThis is a good moment to remind students AI cannot give personalized financial advice — it's explaining concepts and math, not replacing a financial advisor.
TakeawayUnderstanding the tradeoff between snowball and avalanche helps you pick a payoff strategy that actually fits your motivation style.

Tools Used

  • ChatGPT
  • Claude.ai