Debt Snowball Calculator

The debt snowball method pays off your debts from the smallest balance to the largest, no matter the interest rate. You pay the minimum on everything, then throw every extra dollar at the smallest debt until it's gone. Its minimum then rolls onto the next one, so the payment grows like a snowball. The win is momentum: knocking out a whole debt early keeps you motivated to finish.

With the snowball method, the smallest balance first, for quick wins and motivation. With the avalanche method, the highest interest rate first, which saves the most money. This calculator shows both, so you can see the trade-off between paying less interest and staying motivated, then pick the plan you'll actually stick to.

The avalanche saves more in interest, sometimes by a lot, because it kills your priciest debt first. The snowball usually costs a little more but pays off individual debts faster, which keeps many people going. The best method is the one you'll finish, so compare your own numbers above and choose the plan that fits how you stay motivated.

Every extra dollar goes straight to the target debt's principal, so it cuts both the payoff time and the total interest. Even a small extra amount each month can shave months or years off your debt-free date, because as each debt clears, its old minimum joins your extra payment and the snowball grows.

Add up your minimum payments plus any extra you can pay, then apply them month by month using your chosen method. It's fiddly by hand because interest accrues every month, which is why this debt payoff calculator does it for you and shows the exact month you'll be debt free.

Yes, for a lot of people, because it's built around behavior, not just math. Paying off a full debt early gives a real sense of progress that keeps you going, and finishing is what actually clears debt. If you're motivated purely by saving money, the avalanche is the cheaper route, and both are shown here.