Debt Snowball Calculator
List your debts, add what extra you can — see the debt-free date, smallest balance first.
How the snowball works
Every debt gets its minimum each month. All spare budget — your extra plus the minimums of any debt already cleared — piles onto the smallest remaining balance until it’s gone, then rolls to the next. The tool simulates it month by month at each debt’s rate.
Worked example: three debts of $1,200, $4,500 and $8,000 with $300 extra → the $1,200 clears in a couple of months, freeing its payment onto the next. The early win is the whole point: momentum you can feel.
The honest trade-off
Snowball usually costs a little more interest than paying the highest rate first, because it ignores the rate. If a high-rate card is also a big balance, consider the avalanche method. The best plan is the one you’ll actually finish.
Frequently asked questions
What is the debt snowball method?
You pay the minimum on every debt, then throw every spare dollar at the debt with the smallest balance. When it clears, its payment rolls onto the next-smallest — the “snowball” grows. It isn’t the mathematically cheapest order, but the quick early wins keep people motivated, and finishing beats optimising you never stick to.
Snowball or avalanche — which should I use?
Avalanche (highest rate first) saves the most interest; snowball (smallest balance first) delivers faster psychological wins. If the interest difference is small, snowball’s momentum often wins in practice because people actually follow through. Run both — the avalanche calculator is one click away — and pick the one you’ll stick to.
What does the extra payment do?
It’s the amount above all your minimums that you can put toward debt each month. Even a modest extra dramatically shortens the timeline, because it attacks principal on the target debt while everything else ticks along at its minimum. Move the slider to see months fall away.