Use this free debt snowball calculator to estimate your earliest debt-free date, total interest savings, and monthly payment schedule as you pay off your debts in order from the smallest balance to the largest.

• The debt snowball method helps you pay off your smallest debt first, then roll that payment into the next debt to build momentum.
• This debt snowball calculator shows your debt-free date, total amount paid, interest saved, and your payoff timeline.
• The debt snowball method includes built-in motivation, especially if you’re looking for early wins.
• Adding a small extra month payment can significantly speed up paying off your debt.

Debt Snowball Calculator

Enter your debts to see how soon you could become debt-free using the snowball method compared to minimum payments only.

Your Debts

Add details for up to 20 debts. Choose the type, then enter the balance, APR, and current minimum payment for each account. After entering the extra amount you can pay each month, press Calculate. Your smallest balance receives your extra payment and its minimum payment until it’s gone. Then, the full payment from that first debt—minimum plus extra—rolls onto the next balance. Keep repeating this step-by-step (snowball) until all debts are paid off.

Add Another Debt Remove Last

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Important Extra Amount You Can Pay Each Month ($)

Choose Your Starting Month

Calculate Reset Export Summary (CSV)

Results

Total Starting Debt

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Payments

Min Payments: —

Snowball: —

Interest

Min Pmnts Only: —

Snowball: —

Debt-Free Timeline

Min Pmnts Only: — (—)

Snowball: — (—)

Payoff Timeline Comparison

Compares total months to payoff using minimum payments vs. snowball.

Interest Comparison

Shows total interest paid using minimums vs. snowball.

Take the Next Step Toward Becoming Debt-Free

After you build your snowball plan, compare top-rated debt consolidation options to see if a lower-rate loan could help you save even more.

Compare Top Debt Consolidation Lenders

How Do You Use a Debt Snowball Calculator?

Using this tool is simple, but it does involve a little work. Just follow these quick steps:

1. List all non-mortgage debts (debts that aren’t your house payment), including their balances, minimum payments, and interest rates.
2. Enter any extra amount you can put toward debt each month to speed up your payoff.
3. Review your debt-free date and total interest comparisons.
4. Adjust the extra amount you can pay each month to see how small changes can affect the outcome. Remember to choose an amount you’re comfortable paying consistently.

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How do I apply extra payments in the debt snowball method?

Apply your extra payment to the smallest debt first (the one with the smallest balance), along with its minimum monthly payment. Once that debt is paid off, roll the entire amount you were paying (the minimum payment plus your extra payment) onto the next-smallest debt.

Repeat this process with each remaining balance. Your payment grows larger every time a debt drops off. The method helps you gain momentum as you go, reach your debt-free date faster, and provides motivational wins along the way. Follow the plan month by month until you’re debt-free.

How the Debt Snowball Method Works – Example

Why Does the Snowball Method Work?

Now that you know how the snowball method works, here’s why it works:

• Paying somewhat more than the minimum monthly payment speeds up the time it takes to pay off your first and subsequent debts.
• You get quick-hit wins early in the process to get and keep you motivated
• Your monthly “snowball” payment grows without taking a larger chunk out of your budget as debts drop off.
• Each payoff creates momentum and provides continued wins

Important:
Always make the minimum payment on each debt to avoid late fees and protect your credit score.

Avalanche vs. Snowball: Which Is Better?

If you’re seeking ways to get out of debt, you may have heard of another method of speeding up the process, called the avalanche method. Similar to the snowball method, the avalanche method organizes your debts in order. However, where snowballing orders them from smallest to largest by balance, avalanching orders them from largest to smallest interest rates.

While both methods are highly effective at reducing debt, in practice, the avalanche method makes more mathematical sense for overall interest savings. However, using the technique can mean that it takes longer to pay off your first several debts, meaning the rewards can take longer to reach. Some avalanche users give up before reaching significant milestones.

But, if you have the patience for it, the avalanche method is highly effective. To pursue it, simply apply your extra monthly payment to your debt with the highest interest rate first, then move to the subsequent ones in order from highest to lowest interest rate.

Debt Snowball (Smallest Balance First)

• Focuses on the smallest debt
• Builds motivation through early wins
• Helps you stay committed

Debt Avalanche (Highest Interest Rate First)

• Focuses on debts with the highest interest rate
• Saves the most interest over time
• It can take longer to see significant progress

Best Practices for Successful Debt Snowball Budgeting

Want the best and fastest results? Keep these rules of thumb in mind:

• Keep paying the original monthly minimum amount on the debts you’re not currently targeting, even if the amount drops as you continue paying.
• Avoid taking on new credit card debt while paying off existing debt.
• Add extra payments, such as tax refunds, bonuses, and side income, whenever possible.
• Update your debt list monthly to stay organized and motivated.
• Regularly review your monthly budget during the process.

Should You Consider Consolidating Debt Instead?

If you have high-interest credit card debt or multiple debts with high APRs, consolidating could save you money or help shorten your payoff time.

Consider other options if using the snowball or avalanche methods feels out of reach.

• Debt consolidation loans
• Personal loans
• Balance transfer credit cards for average credit

Frequently Asked Questions

What debts should I include in a debt snowball plan?

When using the snowball method, the idea is to list every balance you’re actively trying to get rid of. Usually, this means including all non-mortgage debts, such as credit cards, auto loans, personal loans, medical bills, and student loans. You can also include past-due bills or those in collections if applicable. The more thorough your list, the more accurate your plan will be.

Does the debt snowball help my credit score?

It can, in several ways, provided you stick with it. As you pay down balances, your credit utilization ratio improves. Making consistent on-time payments strengthens your payment history. As your debts disappear, your total debt load decreases. All of these can help substantially improve your credit score over time. Just be sure to make every minimum payment on time throughout the process to avoid late fees or negative remarks.

What if I can’t afford to make extra payments?

You can still use the debt snowball method using only minimum payments. It will take longer, but the structure still helps you focus on one balance at a time and celebrate your progress as each debt is paid in full. When the first debt is paid off, simply apply its minimum payment to the next debt in line.

Conclusion

The debt snowball is one of the most effective ways to pay off your debt because it gives you fast wins, growing momentum, and a way to become debt-free while being gentle on your budget. Use the calculator above to create your payoff plan, compare timelines, and calculate your potential savings.