Debt Snowball Calculator

List your debts, add an extra monthly payment, and see your smallest-balance-first payoff order, debt-free date and total interest.

Debt-free in–

Debt-free date–

Total interest paid–

Total paid–

Avalanche method would cost–

Payoff order:

How the debt snowball works

With the snowball method you pay the minimum on every debt, and throw every spare dollar at the smallest balance. When it’s gone, its freed-up minimum “snowballs” onto the next-smallest debt. Your total monthly outlay never changes — but the amount hitting the target debt grows with every payoff.

Monthly budget = sum of all minimum payments + extra payment Each month: pay minimums → everything left attacks the smallest balance On payoff: that minimum rolls into the attack budget

Why choose snowball over avalanche?

Mathematically, the avalanche method (highest APR first) always costs the same or less interest. The snowball’s edge is behavioral: early, visible wins. Research on debt repayment (including work published in the Journal of Consumer Research) finds people who concentrate payments and clear accounts early are more likely to stick with the plan — and a plan you finish beats a plan you abandon. This calculator shows the avalanche comparison for your exact numbers, so you can see what the motivation boost costs; it is often surprisingly small.

Worked example

Three debts — $1,200 personal loan (12%, $50 min), $2,400 credit card (24.99%, $70 min), $8,500 car loan (7.5%, $260 min) — with $150 extra per month ($530 total budget).

The personal loan falls first in about 7 months; its $50 then joins the attack on the credit card; when the card clears, $270/month piles onto the car loan. Try it above — then set extra to $0 to see what the snowball effect alone is worth.

Getting the inputs right

Balance: today's payoff balance from each account portal.
APR: the interest rate on your statement (purchase APR for cards).
Minimum payment: use the current dollar amount from your statement. Card minimums shrink as balances fall, but keeping payments fixed — as this calculator assumes — is exactly what makes payoff fast.
Debts with 0% promo APR: enter the promo rate, but note the snowball may delay them past the promo expiry — check the payoff month against your promo end date.

Frequently asked questions

Should I include my mortgage in the snowball?

Usually no. The snowball is designed for consumer debt — cards, personal loans, auto loans, medical bills. Mortgages are long-term, lower-rate and often tax-advantaged; most plans tackle them separately after consumer debt is gone.

What if two debts have similar balances?

Break the tie by APR — attack the higher rate first. You keep the snowball’s quick-win structure and pocket the avalanche benefit on the tie.

Is it better to save or snowball first?

A common approach: build a small starter emergency fund (e.g., $1,000) first so surprises don’t become new card debt, then snowball, then build full savings. High-interest debt at 20%+ almost always out-earns money sitting in savings.

Why does my card statement say a much longer payoff time?

Statement disclosures assume you pay only the shrinking minimum forever. The snowball keeps your payment level, so an ever-larger share hits principal each month — that difference alone often cuts payoff time by years.

Last reviewed: 2026-08-20 · Report an issue