Debt snowball calculator
List each debt with its balance, APR, and minimum payment. Add how much extra you can put toward debt each month. The calculator applies the snowball method — smallest balance first — and shows you the payoff order, months until debt-free, and total interest paid.
- 1.Store cardMonth 4 (0y 4m)
- 2.Medical billMonth 8 (0y 8m)
- 3.Credit cardMonth 17 (1y 5m)
- 4.Car loanMonth 25 (2y 1m)
- 5.Student loanMonth 55 (4y 7m)
How the calculation works
Each simulated month: interest is applied per debt (balance × APR ÷ 12; skipped for 0% debts), minimum payments are made on every debt, and the extra amount plus any freed-up minimums from paid-off debts are all thrown at whichever debt has the smallest remaining balance. That's the snowball — the amount you can pile onto the next debt grows every time one gets paid off.
Reading the results
- Debt-free in: months until every debt reaches zero.
- Total interest: lifetime interest across all debts at this payment level.
- Total paid: everything you'll send to lenders — principal plus interest.
- Payoff order: which debt disappears first, second, third, with the month number each reaches zero.
If the calculator says you'll never be debt-free
That happens when a debt's interest is growing faster than you're paying it — the minimum isn't covering the monthly interest. Increase the extra amount, or increase that debt's minimum, until the balance starts shrinking.
Snowball vs avalanche
Snowball orders by smallest balance. Avalanche orders by highest APR. Avalanche is slightly cheaper in total interest; snowball is easier to stick with because early wins arrive faster. Pick the one you'll actually finish.
- Zero-based budgeting— How to free up the 'extra' number
- Monthly budget template— The Debt section pairs with this calculator
Common questions
›What is the debt snowball method?
Pay minimums on every debt, then throw every extra dollar at the smallest balance. When it's gone, roll its minimum plus the extra onto the next smallest. The 'snowball' is the growing amount you can put toward each next debt.
›Isn't the avalanche method (highest APR first) mathematically better?
Slightly, yes. Snowball is popular because paying off one balance quickly is a motivating win. If you're spreadsheet-motivated, avalanche saves more interest; if you're momentum-motivated, snowball is more likely to be finished.
›What if I have a 0% APR card?
Enter 0 for the APR and the calculator skips the interest step for that debt. It still gets snowballed if it's the smallest balance.
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