Debt Snowball Calculator
Create your debt payoff plan using the snowball method - paying off smallest debts first
About This Calculator
The debt snowball method is a debt reduction strategy where you pay off debts in order of smallest to largest, gaining momentum as each balance is paid off. When the smallest debt is paid in full, you roll the money you were paying on that debt into the next smallest balance.
Key Features:
- Add multiple debts with their balances, interest rates, and minimum payments
- See how extra monthly payments can speed up your debt payoff
- Compare interest savings between snowball method and regular payments
- View detailed payoff schedule and progress chart
How to Use This Calculator
Enter Your Debts
List all your debts, including credit cards, personal loans, student loans, etc. For each debt, enter:
- Debt name or description
- Current balance
- Interest rate
- Minimum monthly payment
Add Extra Payment
Enter any additional amount you can pay monthly beyond the minimum payments. This extra amount will be applied to the smallest debt first, accelerating your debt payoff.
Understanding Results
The calculator will show you:
- Total time to become debt-free
- Total interest paid
- Interest savings compared to regular payments
- Month-by-month payoff schedule
Tips for Success
To maximize the debt snowball method:
- List all debts, no matter how small
- Always pay minimum payments on all debts
- Put any extra money toward the smallest debt
- Stay motivated by celebrating each debt payoff