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Debt Snowball Calculator

Estimate a debt snowball payoff schedule by listing debts, minimum payments and any extra monthly payment. The snowball method targets the smallest balance first.

Debt list

Debts

Add each debt with balance, APR and minimum payment.

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Result updated. Estimated debt-free time 2 years, 8 months.

Estimated debt-free time

2 years, 8 months

Estimate available

Estimated total interest is $3,984 with a debt-free date of September 2028.

Debt-free date
September 2028
Interest saved
$3,613
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Smallest balance first, while paying minimums on the other debts.

Key takeaway

Compared with minimum payments only, this is estimated to save 2 years, 2 months and $3,613 in interest.

Date and comparisonsChoose the start month and optional comparison sections.
Region and currencyChanges defaults and currency formatting only.

Region settings change defaults and formatting only. They do not convert currencies. US defaults use USD formatting.

Payoff order

Smallest balance first

1. Card 1
$2,500 at 19.99%
2. Card 2
$6,000 at 24.99%
3. Loan
$10,000 at 9.50%

Key payoff metrics

Estimated payoff time, interest and comparison values.

Debt-free date
September 2028
Total interest
$3,984
Total paid
$22,484
Time saved
2 years, 2 months
Interest saved
$3,613
Status
Estimate available

Individual debt payoff rows

Estimated payoff month and interest for each listed debt.

Card 1$234 interest, $2,734 total paid.
November 2026
Card 2$2,056 interest, $8,056 total paid.
January 2028
Loan$1,695 interest, $11,695 total paid.
September 2028

Minimum-only comparison

Comparison against paying the listed minimums only.

Snowball payoff time
2 years, 8 months
Snowball interest
$3,984
Minimum-only payoff time
4 years, 10 months
Minimum-only interest
$7,597
Time saved
2 years, 2 months
Interest saved
$3,613
Annual schedule summaryCompact yearly totals from the estimated payoff schedule.
Year 1$8,460 paid that year.
$2,504 interest, $12,544 remaining
Year 2$8,460 paid that year.
$1,290 interest, $5,373 remaining
Year 3$5,564 paid that year.
$191 interest, $0 remaining

Warnings to note

  • Issuer minimums, APRs, fees and payment allocation rules can vary. This is a general estimate only.
  • The estimate assumes no new charges, late fees or changing APRs.

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General estimate only

This calculator provides general estimates only. It is not financial advice, debt counselling, credit counselling, legal advice or hardship advice. It assumes no new charges, fees or APR changes.

How this debt snowball calculator works

The calculator applies monthly interest to each listed debt, pays the entered minimum payments and directs the extra monthly amount to the current snowball target. When a debt is paid off, its minimum payment is redirected in the estimate.

Smallest balance first payoff order

Snowball order targets the smallest current balance first. Interest is still included using each debt's APR, but the ordering method is based on balance rather than rate.

Extra payments and freed-up minimum payments

Extra payments and minimum payments from debts already paid off are rolled toward the next target debt in the estimate. This is a method estimate, not a recommendation or debt counselling plan.

Snowball estimate vs minimum payments only

The optional comparison estimates payoff time and interest if only the listed minimum payments are made, when a full schedule can be calculated.

What this calculator does not include

This calculator does not include new charges, late fees, changing APRs, issuer-specific minimum payment formulas, payment allocation rules, hardship options, consolidation choices or credit counselling advice.

Key terms and assumptions

  • Snowball order: The snowball method targets the smallest current balance first. Ties use APR and then input order.
  • Monthly interest: Each debt accrues monthly interest using APR divided by 12.
  • Minimum payments: Minimum payments are applied to active debts before the extra payment is directed to the current target.
  • Freed-up payments: When a debt is paid off, its minimum payment is redirected to the next target in the estimate.
  • Minimum-only comparison: The optional comparison estimates payoff using listed minimum payments only, when a full schedule is available.
  • General estimate: The calculator excludes new charges, fees, changing APRs, issuer rules, hardship options and debt counselling advice.

Related tools

FAQs

What is the debt snowball method?

It targets the smallest balance first while continuing minimum payments on other debts.

Does the calculator still include interest rates?

Yes. Interest is applied using each debt's APR even though payoff order is based on balance.

What happens when one debt is paid off?

Its minimum payment is rolled into the amount available for the next target debt.

Can I enter multiple debts?

Yes. Use the debt list for balances, APRs and minimum payments.

What if a minimum payment does not cover interest?

The calculator warns that the debt may not pay down under the assumptions entered.

Does this include new charges or fees?

No. It assumes no new debt, late fees or changing APRs.

How is this different from avalanche?

Snowball targets the smallest balance first; avalanche targets the highest APR first.

Is this financial advice?

No. It is a general estimate of a payoff method.