Loading calculator...
- Builds a payoff plan for up to 20 debts.
- Compares the snowball method (smallest balance first) with the avalanche method (highest rate first).
- Shows your debt-free date, total interest and the order each debt is paid off.
- Shows how much interest you save compared with paying only the minimums.
How to use the debt snowball calculator
List your debts
One per line: name, balance, interest rate and minimum payment. For example: Credit card, 6000, 22, 150.
Enter your extra monthly payment
Any amount you can pay on top of the minimums.
Choose a method
Snowball or avalanche. The other method is shown for comparison.
Follow the payoff order
Put all extra money on the first debt, then roll its payment into the next one.
Snowball vs avalanche
Both methods pay the minimum on every debt and put all extra money on one target debt. When that debt is gone, its payment rolls into the next. The snowball method targets the smallest balance first for quick wins and motivation. The avalanche method targets the highest interest rate first, which usually saves the most interest.
Example: three debts with $200 extra a month
Credit card $6,000 at 22% ($150 minimum), car loan $4,000 at 7% ($200), student loan $15,000 at 5% ($160).
- Snowball Debt-free in 3 years 5 months, $3,667.31 interest
- Avalanche Debt-free in 3 years 4 months, $3,297.85 interest
- Minimum payments only 10 years, $9,239.18 interest
- Snowball payoff order Car loan (11 months), credit card (1 year 10 months), student loan (3 years 5 months)
Here the avalanche saves $369.46 in interest, while the snowball clears the first debt sooner.
Which method should you choose?
Snowball
Best if quick wins keep you motivated.
Avalanche
Best if you want to pay the least interest.
Either way
The biggest win is paying more than the minimums.
Stay consistent
Keep rolling freed-up payments into the next debt.
Focus on one card with the credit card payoff calculator, find room in your budget with the 50/30/20 budget calculator, or check your debt-to-income ratio.
Debt snowball calculator FAQ
What is the debt snowball method?
You pay minimums on all debts and put every extra dollar on the smallest balance. When it is paid off, its payment rolls into the next smallest.
What is the debt avalanche method?
The same idea, but you target the debt with the highest interest rate first.
Which saves more money?
The avalanche usually saves more interest. The snowball can be easier to stick with because debts disappear sooner.
Should I include my mortgage?
Most people leave the mortgage out and focus on consumer debts first.
What if my payment does not cover the interest?
The debt will never be paid off. The calculator warns you so you can raise the payment.
How do I enter my debts?
One per line: name, balance, rate, minimum payment, separated by commas.