Debt Snowball Calculator
List your debts, choose your extra payment, and see how long it will take to become debt-free using the debt snowball method.
How the Debt Snowball Method Works
The debt snowball method is designed to maximize motivation rather than math perfection. You pay off the smallest balances first so you see wins quickly and stay engaged.
1. List All Debts
Include credit cards, personal loans, medical bills, student loans, and any other non-mortgage debt.
2. Pay Minimums on Everything
Always pay at least the minimum payment on each debt to avoid fees and negative marks.
3. Aim Extra at the Smallest Balance
Direct every extra dollar you can toward the smallest balance until it’s paid off.
4. Roll That Payment Forward
Once a debt is paid, roll its entire payment into the next smallest debt. Your “snowball” grows over time.
Snowball vs. Avalanche
The avalanche method targets the highest interest rates first to minimize total interest. The snowball method targets the smallest balances first to maximize momentum. The best method is the one you’ll actually stick with.
Educational only — not financial advice. Always consider your full financial picture and, if needed, consult a qualified professional before making financial decisions.