Debt Snowball Calculator
List your debts, add an extra monthly payment and see when you will be debt-free with the snowball or avalanche method.
Free, no sign-upRuns in your browserHow we calculate
On top of all minimums
- Total paid
- $12,587.99
- Total interest
- $1,087.99
- Monthly budget
- $515.00
- Avalanche would cost
- $1,087.99 interest, 2 yr 1 mo
- Minimums only
- $2,771.90 interest, 4 yr 4 mo
| Payoff order | Debt | Paid off in month |
|---|---|---|
| 1 | Store card | 3 |
| 2 | Visa | 13 |
| 3 | Car loan | 25 |
How this was calculated
- Each month, interest (balance × APR ÷ 12) is added to every debt.
- Every debt gets its minimum; the rest of your budget goes to the smallest balance.
- When a debt is paid off, its minimum payment rolls into the next target, so the budget stays the same.
Educational estimate assuming fixed APRs, no new charges and on-time payments. Not financial advice.
What a debt snowball calculator does
The debt snowball method pays off your debts from the smallest balance to the largest, regardless of interest rate. You make the minimum payment on every debt, put every extra dollar on the smallest one, and when it is gone you roll its payment into the next. This debt snowball calculator simulates that plan month by month and tells you the month you become debt-free, the total interest, and the order in which each debt disappears.
Snowball vs avalanche
The avalanche method uses the same rolling payments but targets the highest APR first. Mathematically it never costs more interest than the snowball. The snowball's advantage is behavioral: closing small accounts early gives quick wins that help many people keep going. Use the toggle to compare both on your own numbers; when the smallest debt also has the highest rate, the two methods give identical results.
How the simulation works
- Interest each month = balance × APR ÷ 12, added before payments.
- Every open debt receives its minimum payment, capped at what it owes.
- Your monthly budget is the sum of all minimums plus the extra amount, and it stays fixed until everything is paid.
- The leftover budget goes to the target debt, so freed-up minimums "snowball" forward.
Example
Take a $500 store card at 24% (minimum $25), a $3,000 Visa at 22% (minimum $90) and an $8,000 car loan at 6% (minimum $200). With no extra money the minimums alone take years and cost thousands in interest. Adding $200 a month clears the store card in the first year, then the Visa, and finally the car loan, cutting both the time and the interest compared with minimum payments, as the comparison row in the results shows.
Tips and limits
Keep making every minimum on time, because a missed payment adds fees and can raise your rate. Credit card APRs are variable, so re-run the numbers when a rate changes. The calculator does not model new purchases, balance transfers or 0% promotional periods. The Consumer Financial Protection Bureau (consumerfinance.gov) explains both methods and how to build a repayment plan, and the Federal Reserve publishes average credit card interest rates for comparison.
Frequently asked questions
What is the debt snowball method?
You pay the minimum on every debt and put all extra money on the smallest balance first. When it is paid off, its payment rolls onto the next smallest debt.
Snowball or avalanche: which is cheaper?
Avalanche, which targets the highest APR first, never costs more interest than snowball. Snowball can be easier to stick with because small debts disappear sooner.
How is the payoff time calculated?
Each month interest (balance × APR ÷ 12) is added, minimums are paid and the rest of the budget goes to the target debt. The calculator repeats this until every balance is zero.
What if my minimum payment does not cover the interest?
The balance never falls. The calculator says so and you need a higher payment or an extra amount that exceeds the monthly interest.
Does this include new purchases or balance transfers?
No. It assumes fixed APRs, no new charges and on-time payments.