Debt Snowball Calculator
Make a plan to pay off your debts. Enter each debt with its balance, interest rate, and minimum payment, plus any extra you can pay each month, to see when you'll be debt-free and how much interest you'll pay.
Debt-free in
2 years and 3 months
Check the highlighted fields to see your result.
- Total interest
- 2,522.78
- Total paid
- 18,522.78
Payoff order
| # | Name | Paid off in | Interest |
|---|---|---|---|
| 1 | Personal loan | month 11 | 176.95 |
| 2 | Credit card | month 22 | 1,554.49 |
| 3 | Car loan | month 27 | 791.33 |
Results are estimates for information only and do not constitute financial, medical, or legal advice.
How the debt snowball works
You pay the minimum on every debt and put any extra money toward one of them. When that debt is paid off, its payment rolls over to the next one, so the amount you put toward each new debt keeps growing, like a snowball rolling downhill.
- Snowball: start with the smallest balance. You see results quickly, which helps you keep going.
- Avalanche: start with the highest interest rate. You pay less interest overall.
The calculator keeps your total monthly payment the same (all the minimums plus the extra) until every debt is paid. It assumes no new debt, fixed interest rates, and minimum payments that don't change.
The calculation
Every month, for each debt that isn't paid off yet:
Interest = balance × annual rate ÷ 12
Then the minimum payments are made, and whatever is left of the monthly budget goes to the debt that comes first in the chosen order.
Worked example
To keep it simple, take two debts with no interest: a credit card with 600 left (minimum 50) and a car loan with 1,200 left (minimum 50). You can pay 100 extra, so your monthly budget is 200.
- Months 1 to 4: the card gets 50 + 100 = 150 a month, so 600 ÷ 150 = 4 months. The car loan gets 50 a month.
- After month 4: the card is paid off and the car loan is down to 1,200 − 4 × 50 = 1,000.
- Months 5 to 9: the whole 200 goes to the car loan, so 1,000 ÷ 200 = 5 more months.
You're debt-free in 9 months. Paying only the minimums would take 24 months for the car loan.
Frequently asked questions
Which is better, the snowball or the avalanche method?
The avalanche method (highest interest rate first) always costs the same or less in interest. The snowball method (smallest balance first) pays off your first debts sooner, and many people find those quick wins help them stick to the plan. Try both in the calculator and compare the results.
What if the calculator says my debts won't get paid off?
It means your payments don't cover the interest that builds up each month, so the balances keep growing. Increase the minimum payments or the extra amount until the calculator shows a payoff date.
Should I include my mortgage?
Most people leave the mortgage out of the snowball because it is large, has a low rate, and lasts many years. The method works best for credit cards, personal loans, car loans, and other consumer debt.
Does it account for new purchases or changing minimum payments?
No. It assumes you don't add new debt and that each minimum payment stays the same. On many credit cards the minimum goes down as the balance falls; keeping the original amount, as the calculator does, gets you out of debt faster.