Debt Snowball Calculator
Plan a debt snowball: list up to four debts, set your total monthly payment, and see the month each debt is paid off when you clear the smallest balance first, with the avalanche order for comparison.
Last updated: October 2026
Debt snowball payoff plan
Debt-free in 32 months (2 yr 8 mo), total interest $3,654. Payoff order: Debt 2 (month 9), Debt 4 (month 19), Debt 1 (month 29), Debt 3 (month 32). The avalanche order (highest rate first) takes 32 months and costs $3,395 in interest ($259 less).
This calculator gives an estimate for general information only. It is not financial, tax or investment advice. Check the figures with a qualified professional before making decisions, and follow the rules that apply where you live.
Formula below · 3 sources (fcs.mgcafe.uky.edu, kellogg.northwestern.edu, nber.org) · Updated Oct 2026
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About this calculator
The debt snowball pays debts from the smallest balance to the largest, whatever their interest rates. Every month you pay the minimum on each debt and put all remaining money on the smallest one. When it is gone, its payment rolls onto the next smallest, so the amount aimed at each new target keeps growing.
How the calculator works
It simulates your debts month by month. Each month it adds a month of interest to every balance (APR ÷ 12), pays every minimum, then puts the rest of your total payment on the debts in snowball order: smallest starting balance first. Your total payment stays the same until everything is paid, so money freed by a paid-off debt goes to the next one automatically. It also runs the avalanche order (highest rate first) with the same money so you can see what the snowball costs or saves.
Snowball or avalanche?
Mathematically the avalanche never costs more interest. The snowball's case is behavioral: in a study of consumer debt by Gal and McShane, people who closed out more individual balances were more likely to pay off their debt overall, and the quick early wins keep many people going. On the default example the difference is $259 of interest over 32 months. If your smallest debts also carry high rates, the two orders give nearly the same result.
The calculator assumes fixed rates, no new charges and on-time payments. This is an estimate, not financial advice.
| Debt | Balance | APR | Minimum | Snowball order | Avalanche order |
|---|---|---|---|---|---|
| Debt 2: store card | $1,200 | 29.99% | $40 | 1st (month 9) | 1st (month 9) |
| Debt 4: personal loan | $3,000 | 12% | $95 | 2nd (month 19) | 3rd (month 29) |
| Debt 1: credit card | $4,500 | 24.99% | $135 | 3rd (month 29) | 2nd (month 26) |
| Debt 3: car loan | $9,800 | 7.5% | $310 | 4th (month 32) | 4th (month 32) |
| Total interest | $18,500 | $580 | $3,654 | $3,395 |
How to use
Enter each debt's balance, APR and minimum payment from your statements (leave debts 3 and 4 blank if you have fewer), then the total you can pay each month across all debts. The total has to be at least the sum of the minimums. Example (the defaults): a $4,500 card at 24.99% ($135 minimum), a $1,200 store card at 29.99% ($40), a $9,800 car loan at 7.5% ($310) and a $3,000 personal loan at 12% ($95). The minimums add up to $580, and you pay $700, so $120 a month is extra. The snowball attacks the $1,200 store card first and clears it in month 9, then the $3,000 loan (month 19), the $4,500 card (month 29) and the car loan (month 32). Total interest: $3,654. The avalanche order also finishes in month 32 but costs $3,395, $259 less, because it pays the 24.99% card before the 12% loan.
Frequently asked questions
What is the debt snowball method?
A payoff plan where you list debts from smallest to largest balance, pay the minimum on all of them and put every extra dollar on the smallest. Each paid-off debt frees its payment for the next one, so the payment you aim at each target grows like a rolling snowball.
Is the snowball or the avalanche better?
The avalanche (highest interest rate first) always costs the same or less interest. The snowball gives you paid-off accounts sooner, which research on consumer debt links to sticking with the plan. This calculator shows both so you can see the actual cost of choosing the snowball.
What should I enter as the monthly payment?
The total you will pay toward all these debts each month, including the minimums. If your minimums add up to $580 and you can afford $700, enter $700. Keep that total the same even after a debt is paid off; that is what makes the snowball work.
Should my mortgage be in the snowball?
Most snowball plans leave out the mortgage and focus on consumer debts such as cards, car loans, personal loans and student loans. You can include any debt with a fixed minimum payment here.
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Sources & references
- University of Kentucky Cooperative Extension, MoneyWise (Jan 2023): debt snowball and avalanche methods
- Gal & McShane (2012). Can small victories help win the war? Evidence from consumer debt management. Journal of Marketing Research
- Brown & Lahey (2014). Small victories: creating intrinsic motivation in savings and debt reduction (NBER w20125)
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