Debt Snowball Calculator

The debt snowball is a payoff strategy where you list your debts from smallest to largest balance, regardless of interest rate. You pay the minimum on all debts except the smallest, throwing every extra dollar at that one. Once it's gone, you roll that payment into the next smallest debt — building momentum like a snowball rolling downhill.

Your payoff timeline depends on your total balances, interest rates, and how much extra you can put toward debt each month. Even a modest extra $100–$200 per month can shave years off your debt-free date. This calculator shows you the exact number of months based on your specific debts and payment budget.

The name comes from the image of a snowball rolling downhill and growing larger as it picks up more snow. As you pay off each debt, you add that freed-up payment to the next one — your payment 'snowballs' and gets bigger with each debt eliminated, accelerating your progress.

The snowball targets the smallest balance first for quick psychological wins, while the avalanche targets the highest interest rate first to minimize total interest paid. The avalanche typically saves more money, but the snowball can feel more motivating because you eliminate debts faster early on.

It depends on your personality. If staying motivated is your biggest challenge, the snowball's quick wins may keep you on track and ultimately help you succeed. If you're disciplined and focused on minimizing total cost, the avalanche saves more interest. This calculator shows results for both so you can make an informed choice.

Enter the total amount you can put toward all debts combined each month. This should be at least the sum of all your minimum payments, plus any extra amount you can free up from your budget. The extra amount — even $50 or $100 — is what accelerates your payoff timeline.

Yes, it works regardless of interest rates. However, if you have very high-interest debt like credit cards at 20%+, you may want to consider the avalanche method, which could save you thousands in interest. The calculator compares both so you can see the difference in your specific situation.

List all debts honestly with accurate balances, rates, and minimums. Stop taking on new debt while in payoff mode. Automate your minimum payments so you never miss one. Apply any windfalls — tax refunds, bonuses — directly to the current target debt. Celebrate each payoff to reinforce the habit.