Debt Snowball Calculator

Pay off multiple debts faster using the debt snowball or avalanche method. See how the snowball effect accelerates your debt-free journey.

Payoff Strategy

Strategy

Pay smallest debts first for quick psychological wins

Extra Payment

Extra Payment Amount$200

Payment Frequency

Monthly equivalent: $200

Your Debts

Balance$5,000

Interest Rate18.50%

Minimum Payment$150/mo

Balance$3,000

Interest Rate22.00%

Minimum Payment$90/mo

Balance$12,000

Interest Rate6.50%

Minimum Payment$350/mo

Debt-Free Date

2 years, 10 months

Target DateDecember 2028

Total Debt$20,000

Total Interest$2,902

Monthly Payment

$790

Minimum Payments$590

Extra Payment$200

Payoff Order

Credit Card 2

$3,000 @ 22%

Credit Card 1

$5,000 @ 18.5%

Car Loan

$12,000 @ 6.5%

About Debt Snowball vs. Avalanche

Debt Snowball Method: Pay off debts from smallest to largest balance, regardless of interest rate. This method provides quick psychological wins as you eliminate debts faster, building momentum and motivation to stay on track.

Debt Avalanche Method: Pay off debts from highest to lowest interest rate, regardless of balance. This method saves the most money in interest charges, though it may take longer to eliminate your first debt.

How the Snowball Effect Works: As you pay off each debt, you roll that payment into the next debt on your list. This creates a "snowball effect" where your payments get larger and larger, accelerating your debt payoff.

This calculator assumes all debts have fixed interest rates and that you make consistent payments. Actual results may vary based on changes to interest rates, fees, or payment schedules. Always consult with a financial advisor for personalized debt management advice.