Debt Payoff

Debt Snowball Calculator

Pay off your smallest balances first to build momentum. Enter your debts and see your debt-free date.

Read about it

Your Debts

Add each debt with its balance, APR, and minimum payment. Snowball will still calculate interest, but it prioritizes payoff by smallest balance.

Extra Payment

How much extra can you pay each month (on top of minimums)?

$

Tip: even $50/month can shave months (or years) off your payoff timeline.

Strategy
Snowball (Smallest Balance First)
Debt Free In
0 Months
Total Interest
$0
Payoff Date
-
Starting Total Debt $0
Total Minimums $0
Extra Payment $0
Total Monthly Budget $0

Progress Charts

Visualize your payoff timeline. Charts update instantly as you change inputs.

Total Balance Over Time
Cumulative Interest Paid

How the Debt Snowball Method Works

The Debt Snowball method focuses on motivation by paying off the smallest balance first, regardless of interest rate.

  • List all debts by balance (smallest → largest)
  • Pay minimums on every debt
  • Apply all extra payment to the smallest balance
  • When that debt is paid off, roll its payment into the next smallest debt

This tool still simulates interest month-by-month so your payoff date and total interest are realistic.

When the Snowball Method Is a Smart Choice

If staying consistent is your biggest challenge, Snowball can be the best strategy because it creates early wins.

  • You want momentum: paying off a small debt quickly feels motivating
  • You have many debts: fewer accounts reduces mental load
  • Your rates are similar: the cost difference vs Avalanche is smaller

Pros and Cons

Pros
  • Fast early payoff wins
  • Simple to follow
  • Great for motivation and habits
Cons
  • May pay more interest than Avalanche
  • Not always the mathematically cheapest

Quick Example

Imagine you have 3 debts and $150/month extra:

  • $400 store card
  • $2,000 credit card
  • $6,500 car loan

Snowball targets the $400 first (minimums on everything else), then rolls that freed payment into the $2,000, then the car loan. The monthly budget stays the same — the target changes.

FAQ

Does Snowball ignore interest completely?

No. Snowball ignores interest rate only for the order of payoff. This calculator still applies interest monthly, so the payoff date and interest totals reflect reality.

What if my minimum payments are too low?

If payments aren’t enough to reduce your balances (for example, minimums are $0 and extra payment is $0), the timeline won’t be meaningful. Enter at least minimum payments and/or an extra payment.

Is this financial advice?

No — this is a planning tool. Always verify terms and rates with your lender and consider professional advice for your situation.