Debt Snowball Calculator
Attack multiple debts with the snowball method. Enter up to 5 debts plus an extra monthly amount to see your payoff order, debt-free date, and interest saved.
The debt snowball pays minimums on every debt while throwing all extra cash at the smallest balance first, then rolling each paid-off minimum into the next attack. This calculator simulates that strategy month by month across up to five debts and compares it against paying minimums only.
How to use this calculator
- List each debt: a name, its current balance, APR, and minimum payment (up to 5).
- Enter the extra amount you can put toward debt each month, on top of all minimums.
- Click Calculate.
- Follow the payoff order — attack the first debt with everything extra while paying minimums on the rest.
- When a debt is gone, roll its old minimum into the attack on the next debt.
The formula
Debts are sorted by balance, smallest first. Each month every debt accrues interest (balance × APR ÷ 12), minimums are paid on all debts, and the extra amount plus the target debt's minimum goes to the smallest remaining balance.
Worked example
Two debts — an $800 store card at 24% APR ($25 minimum) and a $2,000 Visa at 12% APR ($50 minimum) — with $200 extra per month. The snowball pays the store card first, then the Visa: debt-free in 12 months with $200.97 in total interest. Minimums alone would take 52 months and cost $1,056.79 in interest — the snowball saves $855.81.
Frequently Asked Questions
What is the debt snowball method?
List your debts from smallest balance to largest. Pay the minimum on every debt, and put every extra dollar toward the smallest. When the smallest is gone, add its old minimum to the payment attacking the next smallest. The growing snowball payment wipes out debts faster, and the quick early wins keep you motivated.
Snowball vs avalanche — which saves more money?
The avalanche (highest interest rate first) always saves more interest mathematically. The snowball wins on psychology: clearing whole debts early keeps people on the plan. The difference is often smaller than expected — on typical household debts it's a few hundred dollars — so the method you'll actually stick with is usually the right choice.
How much can extra payments really save?
Because each paid-off debt frees its minimum to attack the next, extra payments compound. In the worked example below, $200 extra per month turns a 52-month minimums-only slog into a 12-month payoff and saves $855.81 in interest. The calculator shows your own numbers so you can find the extra amount that fits your budget.
What if a minimum payment doesn't cover the interest?
Then that debt grows even while you pay, and no strategy works until the minimum exceeds the monthly interest charge. The calculator flags this as infeasible. Your options: raise the payment, negotiate the rate, or consolidate — then rerun the numbers.
Can I include my mortgage or car loan?
Technically yes, but the snowball is designed for unsecured consumer debt like credit cards, medical bills, and personal loans. Mortgages and auto loans have much lower rates and long terms that distort the comparison. Run those separately with the mortgage or auto loan calculator.