Debt Snowball Calculator
See how fast you can be debt-free with the snowball method: pay the smallest balance first, then roll its payment into the next-smallest debt. Free and accurate.
- Months to debt-free
- 28
- Total interest
- 1888.67
- Total paid
- 10888.67
How to use
- Enter the balance, APR, and minimum payment for each of your debts.
- Enter the extra amount you can put toward debt each month.
- Read the months to debt-free, total interest, and total paid.
Examples
- Three debts + $200 extra:
28 months to debt-free - Smallest first:
$1,000 balance cleared before $5,000
FAQ
- How does the debt snowball method work?
- You pay the minimum on every debt, then throw all your extra money at the debt with the smallest balance. When it is paid off, you roll its payment into the next-smallest balance, creating a growing "snowball".
- Why pay the smallest balance first instead of the highest rate?
- The snowball prioritizes quick wins for motivation. Paying the highest interest rate first (the avalanche method) saves more money, but clearing small debts fast keeps many people on track.
- What if my payments are too low?
- If your minimum payments plus extra do not cover the monthly interest, the debts never clear. The calculator will tell you the total payment is too low.