❄️ Debt Snowball Calculator
Calculate debt payoff using snowball method (smallest balance first)
Your Debts
Extra payment applied to smallest balance debt
How to Use This Calculator
Enter Your Debts
Add all your debts with their balances, interest rates (APR), and minimum payments. Click "Add Another Debt" for multiple debts.
Enter Extra Payment
Enter any extra monthly payment you can make beyond minimum payments. This will be applied to the smallest balance debt first.
Calculate Payoff
See how the snowball method (paying smallest balance first) works, including total time to pay off, total interest, and payoff order.
Formula
Snowball Method: Pay minimums on all debts, then apply extra payment to smallest balance first
Payoff Strategy:
1. Pay minimum payments on all debts
2. Apply extra payment to smallest balance debt
3. When smallest debt is paid off, roll its payment to next smallest
4. Repeat until all debts are paid off
About Debt Snowball Calculator
The debt snowball method is a debt payoff strategy where you pay minimum payments on all debts, then apply any extra payment to the debt with the smallest balance first. Once that debt is paid off, you "snowball" its payment to the next smallest debt. This method provides psychological wins and motivation by quickly eliminating debts, even if it doesn't minimize interest as much as the avalanche method. This calculator shows you how the snowball method works for your debts.
When to Use This Calculator
- Debt Payoff Strategy: Plan your debt payoff using the snowball method
- Motivation: Get motivated by seeing quick wins
- Multiple Debts: Manage multiple debts with psychological benefits
- Strategy Comparison: Compare snowball vs. avalanche method
Debt Snowball vs. Debt Avalanche
- Snowball: Pay smallest balance first - provides motivation
- Avalanche: Pay highest rate first - saves most interest
- Psychological: Snowball provides faster wins (more motivating)
- Mathematical: Avalanche is mathematically superior (less interest)
Why Use Our Calculator?
- ✅ Strategy Planning: See how snowball method works
- ✅ Motivation: See quick wins and payoff order
- ✅ Payoff Timeline: See when each debt will be paid off
- ✅ Multiple Debts: Handle any number of debts
- ✅ 100% Free: No registration or payment required
Frequently Asked Questions
What is the debt snowball method?
The debt snowball method involves paying minimum payments on all debts, then applying any extra payment to the debt with the smallest balance first. Once paid off, you "snowball" that payment to the next smallest debt. This provides quick wins and motivation.
Why choose snowball over avalanche?
Snowball provides psychological motivation by quickly eliminating debts, which helps many people stay motivated to continue paying off debt. Avalanche saves more money but may take longer to see the first debt paid off. Choose snowball if you need motivation to stick with your plan.
Does snowball cost more in interest?
Yes, snowball typically costs more in interest than avalanche because you're not prioritizing high-rate debts. However, if snowball keeps you motivated to pay off debt (which avalanche might not), it may still be the better choice for you.