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Debt Snowball Calculator FullScreen

Our debt snowball calculator shows the amount of time you could save paying off debts, as well as the money saved. It uses the rollover method. This is how this method works – you pay off a smaller debt, then that payment amount is attached to the next smallest debt. As a debt is repaid, the debts are eliminated in ascending size.

Debt Snowball Calculator


Use the form above to add a new debt.


Benefits of the Snowball Technique

Financial writer Dave Ramsey has made this technique more popular over recent years. Motivation is a big factor in paying off debt. This will help you to cross debts off your list and feel good about the results. Once you pay off a loan with the smallest balance, then you can apply that payment to the next smallest. In turn, you eliminate debts from your portfolio. This motivates you to pay off the next one and so on.

Benefits of the Avalanche Technique

This works on a different principle. The debt with the highest interest rate costs you the most money. The avalanche technique targets this first – and not the smallest balance.

If you have the motivation already and feel that you don't need that push from the snowball technique, then this can work for you. Many cards accrue compound interest (interest on the interest) so you are best served paying them off. In the long term, this saves you money because you eliminate the highest interest items first.


You have a choice to make. One technique or the other might work better for you. Our Debt Snowball Calculator will help you understand this and forecast the effect of your payoffs. All financial experts state that the debt snowball plan is a great way to get the debt repaid quickly.

What is Debt Snowball Calculator

A Debt Snowball Calculator is a financial tool that helps individuals create and manage a debt repayment plan using the "debt snowball" method. The debt snowball method is a popular strategy for paying off multiple debts by focusing on one debt at a time while making minimum payments on other debts. The calculator helps users visualize their progress, estimate the payoff timeline, and determine the optimal payment amounts.

Here's how a typical Debt Snowball Calculator works:

  1. Debt Details: You input information about your debts, including the name of each debt, the current balance, and the minimum monthly payment required for each debt.

  2. Snowball Order: If you have multiple debts, you specify the order in which you want to tackle them. The debt snowball method suggests starting with the smallest balance debt and progressing towards larger balances, regardless of interest rates. This approach aims to provide motivation and momentum as smaller debts are paid off.

  3. Extra Payment: If you have additional funds available to allocate towards debt repayment, you can input the amount you want to apply as an extra payment each month.

  4. Calculation: Using the provided debt details and any additional payment information, the Debt Snowball Calculator calculates the estimated payoff timeline for each debt. It shows the number of months required to pay off each debt and the total time to become debt-free.

  5. Displaying the Result: The calculator presents a summary of the debt repayment plan, showing the recommended payment amount for each debt, the order of repayment, and the projected payoff dates. It may also display the total interest paid over the repayment period.

The Debt Snowball Calculator assists individuals in visualizing their debt repayment journey and optimizing their payments to achieve their goals faster. By focusing on one debt at a time and gradually eliminating it, the calculator helps create a sense of accomplishment and motivation throughout the debt repayment process.

It's important to note that the results provided by the calculator are estimates based on the information provided and assumptions made, such as consistent monthly payments and interest rates. Actual results may vary depending on factors such as interest rate changes, payment variations, and any additional fees or charges. It's advisable to regularly review and adjust your debt repayment plan based on your financial situation and consult with a financial advisor if needed.

Remember, the debt snowball method is just one approach to debt repayment. There are other strategies, such as the debt avalanche method, which prioritize paying off debts with the highest interest rates first. Each method has its own advantages and disadvantages, so it's important to choose the approach that aligns with your financial goals and circumstances.

Debt Snowball Calculator Example

Certainly! Here's an example of a Debt Snowball Calculator that helps you determine the order in which to repay your debts and the time it will take to become debt-free based on the debt amounts and minimum monthly payments:

Let's assume we have the following debts: Debt 1: Credit Card - $5,000 Minimum Payment: $100 Interest Rate: 18% per year

Debt 2: Personal Loan - $8,000 Minimum Payment: $200 Interest Rate: 10% per year

Debt 3: Student Loan - $15,000 Minimum Payment: $300 Interest Rate: 6% per year

Step 1: List your debts from smallest to largest balance. In this case, the order will be Debt 1 ($5,000), Debt 2 ($8,000), and Debt 3 ($15,000).

Step 2: Determine your extra payment amount. To accelerate the debt repayment, let's say you have an extra $500 per month to put towards your debts.

Step 3: Calculate the new monthly payment for each debt. For Debt 1: New Monthly Payment = Minimum Payment + Extra Payment Amount New Monthly Payment = $100 + $500 New Monthly Payment = $600

For Debt 2: New Monthly Payment = Minimum Payment + Extra Payment Amount New Monthly Payment = $200 + $500 New Monthly Payment = $700

For Debt 3: New Monthly Payment = Minimum Payment + Extra Payment Amount New Monthly Payment = $300 + $500 New Monthly Payment = $800

Step 4: Determine the time to become debt-free for each debt. For Debt 1: Time to Pay Off = Debt Balance / New Monthly Payment Time to Pay Off = $5,000 / $600 Time to Pay Off = 8.33 months (rounded up to the nearest whole month)

For Debt 2: Time to Pay Off = Debt Balance / New Monthly Payment Time to Pay Off = $8,000 / $700 Time to Pay Off = 11.43 months (rounded up to the nearest whole month)

For Debt 3: Time to Pay Off = Debt Balance / New Monthly Payment Time to Pay Off = $15,000 / $800 Time to Pay Off = 18.75 months (rounded up to the nearest whole month)

Step 5: Determine the new payoff order based on the shortest time to become debt-free. In this case, the new payoff order will be Debt 1, Debt 2, and Debt 3.

Therefore, by following the debt snowball method and allocating an extra $500 per month towards your debts, you can become debt-free in approximately 8.33 months for Debt 1, 11.43 months for Debt 2, and 18.75 months for Debt 3.

Please note that this calculation assumes fixed interest rates and equal extra payment amounts each month. It's important to consider any additional fees, charges, or changes in interest rates that may apply to your debts. Additionally, the values used in this example are for illustrative purposes and may not reflect actual debt amounts, interest rates, minimum payments, or extra payment amounts.