Debt Snowball Calculator
See how fast the debt snowball method clears your debts — enter your balances, rates and minimum payments plus an extra amount, paying off the smallest balance first.
Estimate only, not financial advice. Assumes fixed rates, minimum payments and the extra amount each month, applied to principal. Real results vary with rate changes and payment timing.
How the debt snowball works
List your debts, then pay the minimum on all of them and aim every extra dollar at the one with the smallest balance. When it’s paid off, you roll its whole payment into the next-smallest debt — the payment “snowball” gets bigger as each debt falls. The calculator runs this month by month and shows your debt-free date and the total interest you’ll pay.
Snowball vs avalanche
The snowball trades a little extra interest for faster, motivating wins. If you’d rather minimize interest, the debt avalanche calculator targets the highest rate first — switch the method here to compare both. To see the effect of one extra mortgage payment, see the pay off mortgage early calculator.
Frequently asked questions
What is the debt snowball method?
You pay the minimum on every debt, then throw all your extra money at the debt with the smallest balance. When it’s gone, you roll its payment into the next-smallest, and so on — the “snowball” grows. The quick wins keep you motivated, even though it isn’t always the cheapest order.
Is the snowball or avalanche method better?
The avalanche method (highest interest rate first) usually saves the most money, while the snowball (smallest balance first) gives faster early wins that help many people stick with it. This calculator shows the payoff time and total interest for both so you can compare — switch the method to see.
How much faster will extra payments pay off my debt?
Even a small extra amount each month makes a big difference, because it all goes to principal and the freed-up payments snowball. Enter your debts and an extra figure above to see your debt-free date and how much interest you avoid.