Debt Snowball Calculator

Pay off debts smallest-balance-first and see exactly when you'll be debt free.

Debt Name Balance ($) Min Payment ($) APR (%)

How the Debt Snowball Calculator Works

The debt snowball method, popularized by Dave Ramsey, works by sorting your debts from smallest balance to largest. You pay the minimum on every debt, then put all remaining money toward the smallest balance. When that debt is eliminated, you roll its full payment into the next smallest — creating a growing "snowball" of payments. This calculator simulates the process month by month, tracking interest charges and payoff dates for each debt. It also runs a comparison simulation using the avalanche method (highest interest rate first) so you can see the exact dollar difference in interest paid between the two strategies. Cap of 600 months prevents infinite loops for very low payments.

Frequently Asked Questions

What is the debt snowball method?
Pay minimums on all debts, then throw every extra dollar at the smallest balance. When it's paid off, roll that payment to the next smallest. The psychological wins keep you motivated.
Is the debt snowball or avalanche method better?
The avalanche (highest rate first) saves more interest mathematically. The snowball (smallest balance first) has better real-world completion rates because early wins build momentum.
How long does the debt snowball take?
It depends on your total debt and payment amounts. This calculator shows your exact month-by-month timeline.
Should I pause investing to pay off debt?
High-interest debt (above 7–8%) should typically be paid off before investing. Low-interest debt (mortgage, student loans) can be paid alongside investing.

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