Debt snowball calculator

Pay off your smallest debt first, then roll its payment into the next. Add your debts to see the order they’ll be paid off and when you’ll be debt-free.

Your debts

Your plan

On top of the minimums. It goes to one debt at a time.

Snowball: the smallest balance first, so you clear debts sooner.

Debt-free in2 years, 3 months
Paying each month
$761.00
Until the last debt is paid
Total interest
$2,538
Interest saved
$2,875
vs. minimums only
Time saved
2 years, 4 months
vs. minimums only
  1. Medical bill3 months
  2. Store card8 months
  3. Credit card1 year, 8 months
  4. Car loan2 years, 3 months

The avalanche method would cost $99 less in interest.

Total balanceYour planMinimums only
Your plan, year by year
YearPaidPrincipalInterestBalance left
1$9,132.00$7,255.99$1,876.01$10,494.01
2$9,132.00$8,491.60$640.40$2,002.41
3$2,024.00$2,002.41$21.59$0.00

How the debt snowball works

List your debts from the smallest balance to the largest. Pay the minimum on every one, and put every extra dollar toward the smallest. When it’s paid off, add its minimum to the extra and send all of it to the next smallest. Each payoff makes the next payment bigger, like a snowball rolling downhill, while the total you pay each month stays the same.

  1. Enter each debt’s balance, interest rate and minimum payment.
  2. Enter how much extra you can pay each month on top of the minimums.
  3. See the order your debts get paid off, the date you’re debt-free and the interest it costs.

Why pay the smallest balance first?

Interest rates don’t decide the order, so the snowball can cost a little more in interest than paying the highest rate first. What it gives you is early wins: whole debts gone in the first months, fewer bills to keep track of, and proof the plan is working. For many people that’s what keeps them going until the last debt is paid. Under the results, the calculator shows what the avalanche method would cost with your debts, so you can see the trade-off in dollars.

Snowball or avalanche?

If the difference is small, or your smallest debts also have high rates, the snowball costs you little. If a large balance carries a much higher rate than the rest, try the debt avalanche calculator too. The snowball vs. avalanche guide walks through both with the same debts.

Keeping the snowball rolling

The method only works if the money for the extra payment is there every month and the paid-off cards stay paid off. A budget does both: with an envelope budget, the debt payments get envelopes like rent or groceries, filled before anything else is spent.

Questions

Should I include debts with 0% interest?

Yes. The snowball orders debts by balance, not rate, so a small 0% medical bill or payment plan is often the first one paid off.

What if two debts have about the same balance?

Pay the one with the higher interest rate first. It’s a small change that saves a little interest without slowing your first payoff.

Does the snowball include my mortgage?

Usually not. It’s meant for consumer debts like cards, personal loans, car loans and medical bills.

What happens to the minimum of a paid-off debt?

It joins your extra payment and goes to the next smallest debt, so you keep paying the same total each month until you’re debt-free.

Estimates only, using monthly compounding at your APR divided by 12. Your lender’s numbers may differ with daily interest, fees or rate changes. This calculator isn’t financial advice.