Debt Snowball Calculator
Plan your debt payoff using the snowball method — pay smallest balances first and roll payments forward.
The debt snowball method is a popular debt repayment strategy where you pay off your smallest balance first while making minimum payments on larger debts. Once the smallest debt is paid off, you roll that payment into the next smallest debt, creating a snowball effect. This calculator helps you visualize the strategy with two debts. Enter each debt's balance, interest rate, and minimum payment along with any extra money you can put toward debt each month. The calculator shows you the total time to become debt-free, the total interest you will pay, and the order in which your debts are eliminated. The snowball method builds momentum and motivation by giving you quick wins early in your debt payoff journey.
Calculator
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How to Use
- Enter the name, balance, interest rate, and minimum payment for Debt 1
- Enter the same details for Debt 2
- Enter any extra monthly payment you can put toward debt
- Click Calculate to see your payoff plan
- Review the total months and interest paid
- Check the payoff order to see which debt gets eliminated first
FAQ
What is the difference between snowball and avalanche methods?
The snowball method pays off the smallest balance first for psychological wins. The avalanche method pays off the highest interest rate first to minimize total interest paid.
Can I use this with more than two debts?
This calculator supports two debts. For more debts, apply the same principle: list all debts by balance, pay minimums on all, and put extra toward the smallest.
Does extra payment go to the smallest debt?
Yes. In the snowball method, all extra payment goes toward the debt with the smallest balance while maintaining minimum payments on the rest.
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