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Debt Snowball Calculator

Plan a debt payoff order with the snowball or avalanche method.

Your debts

$

On top of all the minimum payments.

Method

Debt-free in

Total interest
Interest saved

Payoff order

    Results are estimates for general information only and are not financial advice. Check important figures with a qualified professional or your lender. Read our disclaimer.

    When to use it

    Use this calculator when you have several debts and want a clear order to pay them off. List every card and loan, add any spare money you can put towards them each month, and the tool works out when each debt will be gone, the date you will be debt-free, and how much interest the plan saves compared with paying only the minimums.

    How to use it

    1. Choose your Currency.
    2. For each debt, enter a Name, the Balance, the APR % and the Minimum / month. Use Add debt for more rows, or the remove button to delete one.
    3. Enter the Extra you can pay each month. This is money on top of all the minimum payments.
    4. Choose a Method: Snowball (smallest balance first) or Avalanche (highest rate first).
    5. Read Debt-free in, Total interest, Interest saved and the Payoff order, which shows the month each debt is cleared.

    Below the results, the tool tells you how long paying only the minimums would take, and how the other method compares.

    Worked example

    You have three debts:

    • Credit card: $4,500 at 22.9%, minimum $135
    • Car loan: $9,800 at 6.5%, minimum $290
    • Store card: $850 at 27%, minimum $35

    With $200 extra each month and the snowball method, the store card is gone in month 4, the credit card in month 18 and the car loan in month 26. You are debt-free in 2 years 2 months, pay $1,853 in interest and save $2,086 compared with paying only the minimums, which would take 3 years 6 months.

    In this case the avalanche method costs the same, because the smallest debt also has the highest rate. With other debts, the gap can be hundreds of dollars.

    Tips

    • Keep paying the same total. The plan only works if you keep the full monthly amount going after each debt is cleared.
    • Find the extra first. Look for a fixed amount you can manage every month, even $50. Being steady matters more than the size.
    • Stop new borrowing. A plan cannot keep up with new spending on the same cards.
    • Update the numbers every few months. Enter the new balances to check you are on track.

    Common mistakes

    • Leaving out small debts. A forgotten store card or overdraft can quietly grow.
    • Using the wrong minimum. Card minimums change as the balance falls. Use the current figure from your statement.
    • Choosing only by the numbers. If quick wins keep you motivated, snowball can be the better plan even if it costs a little more.

    Frequently asked questions

    What is the difference between snowball and avalanche?

    Snowball pays off the smallest balance first. Avalanche pays off the highest interest rate first. Avalanche usually costs less in interest, while snowball gives you quicker wins that help many people keep going. The calculator shows both so you can compare.

    What happens to the minimum payment of a debt I have paid off?

    It rolls over. Once a debt is cleared, its minimum payment is added to the extra you pay on the next debt. That is why the payments grow like a snowball and later debts clear faster.

    Should I include my mortgage?

    Most people leave the mortgage out and focus on cards, store cards, overdrafts and personal or car loans. Mortgages are large, long and usually low-interest, so including one makes the plan run for decades.

    What if I cannot afford any extra each month?

    Enter 0 as the extra. The plan still works, because each cleared debt frees up its minimum for the next one. Even a small extra later on will shorten the plan.

    Why does the calculator say the debts never get paid off?

    At least one minimum payment is smaller than the interest charged on that debt each month, so its balance keeps growing. Increase that minimum or the extra amount until every debt goes down.

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