What is the debt snowball method?

The debt snowball method involves paying off your debts from smallest to largest balance, regardless of interest rate. As each debt is paid off, you roll that payment into the next smallest debt, creating a "snowball effect" that helps you pay off debts faster.

Snowball vs Avalanche: Which is better?

The snowball method (smallest balance first) provides psychological wins and motivation. The avalanche method (highest interest first) saves more money on interest. Snowball is often better for staying motivated, while avalanche is mathematically optimal.

How much extra should I pay?

Pay as much extra as your budget allows. Even an extra $50-100 per month can significantly reduce your payoff time and total interest paid. Review your budget to find areas where you can cut expenses and redirect that money to debt.

Should I save while paying off debt?

Yes, maintain a small emergency fund ($500-1000) while aggressively paying off debt. This prevents you from going further into debt when unexpected expenses arise. Once debt-free, build a larger 3-6 month emergency fund.

How accurate is this calculator?

This calculator provides estimates based on the snowball method and assumes consistent monthly payments. Actual results may vary due to changes in interest rates, additional charges, or irregular payments. Always verify with your lenders for exact payoff amounts.

Debt Snowball Calculator

Plan your debt payoff with the snowball method

Debt Snowball Calculator

Plan your debt-free journey using the snowball method. Pay off smallest debts first and build momentum to eliminate all your debt.

Your Debts

Credit Card

Balance

Min Payment

APR (%)

Personal Loan

Balance

Min Payment

APR (%)

Add New Debt

Extra Monthly Payment

How much extra can you pay each month beyond minimum payments?

Payoff Plan

1. Credit CardPaid off in 1y 5m

Original

$5,000

Total Paid

$5,670

Interest

$670

2. Personal LoanPaid off in 2y 6m

Original

$10,000

Total Paid

$11,960

Interest

$1,960

Summary

Total Debt

$15,000

Monthly Payment

$600

$400 minimum + $200 extra

Debt-Free In

2y 6m

Total Interest

$2,630

Total Repayment

$17,630

Snowball Method: Pay off smallest debts first to build momentum and motivation.

How to Use the Debt Snowball Calculator

1.Add all your debts with their balance, minimum payment, and interest rate.
2.Enter how much extra you can pay each month beyond minimums.
3.See your debt payoff plan ordered from smallest to largest balance.
4.View when you'll be debt-free and how much interest you'll pay.

Frequently Asked Questions

Everything you need to know about this tool

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