Debt Snowball Calculator

How the Debt Snowball Works

The debt snowball method is one of the most popular debt payoff strategies — and for good reason. You list your debts from smallest balance to largest, then put all your extra money toward the smallest one while making minimum payments on everything else.

When that first debt is gone, you take its payment and “snowball” it into the next smallest debt. Each time you eliminate a balance, your monthly payment grows — just like a snowball rolling downhill.

When to Use This Calculator

This calculator is perfect if you:

• Have multiple debts with different balances
• Want to see your exact debt-free date
• Are motivated by quick wins and crossing debts off your list
• Have some extra money each month to put toward debt

How to Use It

1. Enter each debt — name, balance, interest rate (APR), and minimum payment
2. Add your extra monthly payment — even $50 makes a real difference
3. Click Calculate and see your personalized payoff plan

The calculator will show you when you’ll be debt-free, how much total interest you’ll pay, and a month-by-month breakdown of every payment.

Snowball vs. Avalanche

The snowball method prioritizes motivation — you see debts disappear quickly, which keeps you going. The avalanche method prioritizes math — you pay less interest overall by targeting high-rate debts first.

Neither is wrong. The best strategy is the one you’ll stick with. If you’re not sure, try both calculators and compare the results.

Frequently Asked Questions

Does the snowball method cost more in interest? Usually a little, yes. Because you’re not targeting the highest-interest debt first, you may pay slightly more in total interest. But the difference is often smaller than people expect — and the motivation boost can be worth it.

What if two debts have the same balance? Pay off the one with the higher interest rate first. It’s a small optimization that saves you money without changing the strategy.

How much extra should I pay each month? Whatever you can afford. Even $25-50 extra per month can shave months or years off your timeline. Use the calculator to see the impact of different amounts.

Can I switch strategies partway through? Absolutely. Some people start with snowball for the early wins, then switch to avalanche once they’ve built momentum. There are no rules — do what works for you.