Debt Snowball Calculator
The debt snowball calculator orders debts from smallest balance to largest balance.
Enter balances, APRs, minimum payments, and an optional extra monthly payment.
The result estimates payoff order, debt-free date, total interest, and a payoff summary.
This method emphasizes quick wins and motivation.
| Credit card | $4,200 | 23.5% APR, $125 min. |
|---|---|---|
| Personal loan | $8,500 | 12% APR, $260 min. |
| Medical bill | $1,300 | 0% APR, $75 min. |
| Store card | $2,100 | 28% APR, $80 min. |
| Month | Balance | Interest paid |
|---|---|---|
| 12 | $10,153.64 | $2,283.64 |
| 24 | $2,915.34 | $3,340.69 |
| 29 | $0.00 | $3,419.71 |
Assumptions
- Strategy targets smallest balance first.
- Minimum payments are assumed to stay available and roll forward after each debt is paid off.
How this calculator works
Formula used
Minimum payments are made on all debts, while extra money goes to the smallest remaining balance. Freed payments roll into the next debt.
Example calculation
If Debt A has a $700 balance and Debt B has a $3,000 balance, the snowball method targets Debt A first even if Debt B has a higher APR.
Debt Snowball Calculator FAQ
Is this debt snowball calculator exact?
No. It is an estimate for U.S. personal finance planning. Your actual debt payoff can vary based on lender terms, spending changes, fees, taxes, and account rules.
What information do I need for the debt snowball calculator?
Use your current balances, monthly income or payments, APRs, expected savings, and realistic U.S. dollar amounts from your budget or statements.
Can I use this before talking to a financial professional?
Yes, it can help you prepare questions and compare scenarios, but it is not financial, tax, legal, or investment advice.