Debt Snowball Calculator
Pay off your smallest balance first, then roll that payment into the next one.
Your Details
Debt 1
Debt 2
Debt 3
Extra Budget
How It Works
- Enter up to three debts with their balance, APR, and minimum payment.
- Enter any extra amount you can put toward debt each month.
- Press Calculate — the smallest balance gets the extra payment first.
How the Snowball Works
Pay minimums on everything, then throw all extra money at the smallest balance. Once it's paid off, roll its payment into the next-smallest — like a snowball picking up size.
Good to Know
- • Quick wins early on can help build momentum.
- • This method may cost more interest than the avalanche method.
Important Notes
- • Supports up to three debts in this version.
- • Assumes fixed rates and consistent extra payments.
Snowball vs. Avalanche: The Trade-off
The snowball method pays off the smallest balance first regardless of interest rate, which tends to produce faster "wins" that can help sustain motivation. The avalanche method instead targets the highest-APR debt first, which minimizes total interest paid across all debts. The snowball method usually costs a bit more in total interest, but many people find the earlier sense of progress worth that trade-off.
Why the Extra Payment Rolls Forward
Once a debt is paid off, its minimum payment doesn't disappear from the budget — it gets redirected, along with your extra payment, to the next debt in line. That's what makes the snowball accelerate: each payoff frees up more money for the next target, so later debts tend to clear faster than the first one did.
Quick Definitions
- Snowball order — debts sorted smallest balance to largest, regardless of interest rate.
- Debt-free date — the projected month all debts in the plan reach zero.
A Sample Scenario: Three Debts, One Extra Payment
Three balances: $1,200 at 27%, $3,000 at 24%, $6,000 at 12%, with $150 extra/month:
First debt clears in ~5 months, freeing its minimum payment to snowball into the next
The $1,200 balance — despite not having the highest rate — gets attacked first purely because it's smallest, producing an early "win" that then accelerates payoff of the remaining two debts as its freed-up minimum payment rolls forward.
Extra Budget Impact Table
Three debts totaling $10,200:
| Extra Budget | Debt-Free In |
|---|---|
| $50/mo | ≈4 years |
| $150/mo | ≈2.3 years |
| $300/mo | ≈1.4 years |
Where Estimates Go Wrong With the Snowball Method
- Splitting extra payments across all debts — less effective than focusing all extra on one target at a time.
- Stopping after the first payoff — the key is rolling the freed payment forward, not celebrating and slowing down.