Debt Snowball Calculator
Plan debt payoff order and timeline (avalanche or snowball methods).
How to use this tool
- Add each debt: balance, APR, minimum payment.
- Set your extra monthly amount (or free-form).
- Choose snowball or avalanche.
- See payoff date, months and total interest for each method.
How it works
Extra money flows to the first target debt while minimums cover others; when cleared, the freed payment rolls into the next. Both strategies are simulated to completion.
Tips
- Keep the plan visible — especially the 'freed up payment' rollover.
- Avalanche saves the most; snowball creates wins. Choose psychology over math if it keeps you going.
- Re-run quarterly as balances and rates shift.
Limitations
Assumes no new borrowing and fixed rates across the payoff period.
Frequently asked questions
Snowball vs avalanche?
Snowball pays smallest balances first for motivation; avalanche pays highest interest first for least total interest. Both outperform minimum payments.
How do I enter my debts?
Add each debt's balance, rate and minimum payment, plus the extra you can throw at the pile monthly.
Which method is mathematically best?
Avalanche saves the most interest; snowball helps people stay motivated. Pick the one you'll stick with.