Debt Snowball Calculator
Pay debts smallest balance first with the snowball method, and see your debt-free date.
About the Debt Snowball Calculator
List each debt with its balance, APR and minimum payment, and enter your total monthly budget for debt. The calculator plans the snowball order, smallest balance first, and compares it with the avalanche.
With the debt snowball you pay the minimum on everything and put every spare amount on the smallest balance. When it's gone, its payment rolls onto the next. Quick wins keep many people motivated, though it can cost a little more interest than the avalanche.
The formula
Each month: interest added, minimums paid, extra to the priority debt; freed payments roll over
Worked example
The four example debts on this page, 20,600 in total, with 800 a month
- The smallest balance (store card, 900) is paid first
- Debt-free in 2 years 6 months, about 3,219 of interest
- Here it matches the avalanche, because the smallest debt also has the highest rate
Questions people ask
Snowball or avalanche?
Avalanche saves the most money; snowball gives faster early wins. The best one is the one you'll stick to.
Should I stop saving to pay debt?
Keep a small emergency fund first so new costs don't go back on cards.