Debt Snowball Calculator
List your debts, add any extra monthly payment, and see exactly when you'll be debt-free — month by month.
Your Debts
| Name | Balance ($) | Rate (%) | Min. Payment ($) | |
|---|---|---|---|---|
Any extra cash you can throw at debt each month on top of minimums.
How the Snowball Method Works
The debt snowball method is simple: you pay off your smallest balance first, regardless of interest rate. Once that debt is gone, you take everything you were paying on it and roll it into the next-smallest debt.
Here's why it works for a lot of people: paying off a debt completely — no matter how small — gives you a real win. That feeling of progress makes it way easier to stay motivated. Dave Ramsey popularised this method for a reason.
The math behind it
Each month, we calculate interest on each debt's remaining balance (balance × monthly rate), apply your minimum payments, and then throw any extra cash at the target debt. When a debt hits zero, its minimum payment gets redirected — that's the snowball rolling downhill.
What to Watch Out For
- Snowball vs. avalanche:Snowball won't always save you the most interest. If your biggest debt also has the highest rate, consider the avalanche method.
- Minimum payments matter: Make sure you never miss a minimum — late fees and penalty rates can derail your plan fast.
- This is an estimate: Actual payoff timelines vary with fees, variable rates, and payment timing. Always verify with your lender.
Frequently Asked Questions
What is the debt snowball method?
The debt snowball method is a debt payoff strategy where you pay off your smallest balance first, regardless of interest rate. Once that debt is paid off, you roll its payment into the next-smallest debt. This creates a 'snowball' effect of growing payments.
Is the debt snowball or debt avalanche better?
The avalanche method saves more money in interest. The snowball method provides quicker psychological wins that help many people stay motivated. The best method is the one you'll actually stick with.
How much extra should I pay each month?
Even $50–$100 extra per month can cut years off your payoff timeline. Try different amounts in the calculator to see the impact. Any amount above your minimums helps.
What if I can only afford minimum payments?
You'll still pay off all your debts eventually — it'll just take longer and cost more in interest. Focus on finding even a small extra amount to apply. Cutting one subscription or eating out one less time per week can free up $20–$50/month.
How accurate is this calculator?
It uses the same standard amortisation math banks use. Results are estimates — your actual payoff may vary based on your lender's exact terms, payment timing, fees, and any rate changes.
Want to compare methods? Read: Snowball vs. Avalanche — which is right for you?