Free Debt Snowball Calculator
List your debts and how much extra you can pay each month. The calculator shows when you will be debt-free with the snowball method (smallest balance first) and the avalanche method (highest interest first).
Your debts
| Debt | Balance ($) | APR (%) | Minimum ($/mo) |
|---|---|---|---|
Example debts are filled in. Replace them with your own.
How the debt snowball works
The debt snowball, popularized by Dave Ramsey, lists your debts from the smallest balance to the largest, regardless of interest rate. You pay the minimum on every debt and put every extra dollar on the smallest one. When it is gone, its payment rolls onto the next debt, so the amount you pay toward each new target keeps growing.
Snowball vs. avalanche
- Snowball: smallest balance first. You clear whole debts sooner, which keeps many people motivated.
- Avalanche: highest interest rate first. It costs less in interest, sometimes much less when one debt has a high rate.
Both methods use the same total payment each month; only the order changes.
Worked example
The example has four debts totaling $31,850 and $200 extra a month on top of $626 in minimums. With the snowball, the medical bill is gone in month 5 and every debt is paid off in 44 months with about $3,998 in interest. The avalanche also takes 44 months but costs about $3,779, so it saves $219. Paying only the minimums would take 121 months and about $8,482 in interest.
Tips to finish faster
- Stop adding new debt to the cards you are paying down.
- Put windfalls such as tax refunds and bonuses on the current target debt.
- Call your card issuers and ask for a lower rate; even a few points helps.
- Recalculate whenever a balance, rate or minimum changes.
Frequently asked questions
Is the debt snowball or avalanche better?
The avalanche saves the most interest. The snowball gives quicker wins. If the difference in this calculator is small, pick the one you are more likely to stick with.
Should I include my mortgage?
Most people leave the mortgage out and focus on consumer debts such as credit cards, car loans, medical bills and student loans.
What APR should I enter for a 0% card?
Enter 0 for the promotional period, but note when the promotion ends. If it ends before you would pay the balance off, consider moving that debt up the list.
Does this calculator save my debts?
No. Everything is calculated in your browser and nothing is sent or stored.