Debt Snowball Calculator
The debt snowball pays off your smallest balance first for quick wins. Enter up to 4 debts to see your payoff schedule and total interest.
💰 Financial Disclaimer: This calculator is for educational purposes only. Consult a qualified financial professional.
How It Works
Sorts debts smallest-to-largest. Pays minimums on all plus extra toward smallest. When a debt clears, rolls its full payment to the next smallest.
Formula
Sort debts ascending by balance. Pay minimums on all + extra on smallest. When paid off, roll full payment to next debt.
Example
Debt A: $500 at 15%, $25 min. Debt B: $2,000 at 20%, $50 min. Extra $100/month.
A paid ~2 months. Then $225/month to B.
When to Use This Calculator
Use when you have multiple debts and want the motivational boost of eliminating accounts quickly.
Common Mistakes to Avoid
- Not rolling the freed payment forward — this creates the snowball effect.
- Comparing only on interest saved — motivational wins have real value.
- Not identifying the extra payment source first.
Frequently Asked Questions
Snowball vs avalanche?
Snowball: smallest balance first (motivation). Avalanche: highest APR first (less interest). Both work — snowball has higher completion rates.
How much extra to pay?
Any amount helps. Even $50/month significantly accelerates payoff.
Stop saving while paying debt?
Keep $1,000 emergency fund minimum, then aggressively pay debt.
Two debts same balance?
Target the higher-APR debt first when balances tie.
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Last Updated: July 4, 2026