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❄️ Debt Snowball Calculator
Add all your debts, pick snowball or avalanche, and see exactly when you'll be debt-free.
$
Extra cash applied to your target debt each month
Your Debts (3)
Total balance: $14,200 · Total min payments: $365/mo
| Name | Balance | APR % | Min Payment | |
|---|---|---|---|---|
Debt-Free In
3y 3m
vs 5y 4m with minimums only
Total Interest Paid
$3,733
vs $6,138 with minimums only
You Save
$2,405
+ 2y 1m faster
Payoff Order (“Snowball”)
Each debt’s payoff month and total interest paid
| # | Debt | Starting Balance | APR | Paid Off In | Interest Paid |
|---|---|---|---|---|---|
| 1 | Store Card | $1,200 | 26.0% | 10 months | $147 |
| 2 | Credit Card | $5,000 | 22.0% | 2y 5m | $1,673 |
| 3 | Personal Loan | $8,000 | 11.0% | 3y 3m | $1,913 |
❄️ Snowball vs. 🏔️ Avalanche
- Snowball pays off the smallest balance first — big psychological wins, great for motivation.
- Avalanche targets the highest APR first — mathematically saves the most interest.
- Both methods work. The best one is the one you’ll stick with.
How This Tool Works
The debt snowball calculator helps you build a payoff plan for multiple debts using either the Snowball method (smallest balance first) or the Avalanche method (highest interest rate first). You enter each debt's balance, interest rate, and minimum payment, plus any extra money you can throw at debt each month. The calculator shows your complete payoff timeline, total interest paid, and how much each method saves compared to paying only minimums. Both methods work — the snowball gives faster emotional wins, while the avalanche saves more money mathematically.
💡 Tips & Best Practices
- 1The best debt payoff method is the one you will actually stick with — motivation matters more than mathematical optimization.
- 2Funnel every windfall (tax refunds, bonuses, gifts) directly into your debt payoff for dramatic acceleration.
- 3Once a debt is paid off, roll its payment into the next debt — this "snowball" effect accelerates each subsequent payoff.
- 4Temporarily pause retirement contributions beyond the employer match to free up cash for high-interest debt payoff.
Frequently Asked Questions
Snowball vs Avalanche — which is better?
The Avalanche method saves the most money by targeting the highest-interest debt first. The Snowball method provides faster wins by eliminating small balances quickly, which keeps you motivated. Research shows most people succeed more often with the Snowball because motivation is the #1 factor in actually becoming debt-free.
How much extra should I put toward debt each month?
As much as you can while maintaining a small emergency fund ($1,000). Even an extra $100/month can save thousands in interest and shave years off your debt-free date. Use this calculator to see the exact impact of different extra payment amounts.
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