Debt Snowball Calculator
The Debt Snowball method helps you pay off multiple debts by tackling the smallest balance first while making minimum payments on all others. As each debt is eliminated, you roll that payment into the next one, creating a growing momentum — a snowball effect — that accelerates your path to becoming debt-free.
The Debt Avalanche method is an alternative strategy that targets the highest-interest debt first, minimizing the total interest you pay over time. Both methods are supported here: enter your debts, set any extra monthly amount you can afford, and instantly see the recommended payoff order along with estimated months and total interest for each debt.
How it works
Snowball: sort debts by balance (ascending) and attack the smallest first. Avalanche: sort by APR (descending) and attack the highest rate first. After each debt is cleared, add its minimum payment to the next debt's payment. Months to payoff: n = ⌈log(P / (P − r·B)) / log(1 + r)⌉, where B = balance, r = monthly rate (APR/12), P = monthly payment.
Use cases
- Creating a realistic debt payoff plan for credit cards and personal loans
- Comparing the snowball and avalanche strategies to choose the best fit
- Calculating how much extra monthly payment reduces your debt-free date
- Estimating total interest paid under different payoff scenarios
- Motivating consistent payments by visualizing a clear payoff order