Debt Snowball Calculator
List your debts, add any extra monthly cash, and we'll run the snowball method — pay minimums on all, throw the extra at your smallest balance — to show when you're free and what it costs.
Your debts
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How to use the Debt Snowball Calculator
This follows the snowball method: pay the smallest balance first for motivational wins, then roll that payment into the next debt. Enter each debt's:
- Balance — what you currently owe.
- Minimum payment — the smallest amount due each month.
- Interest rate — so the tool can show total interest.
Reading your result
The calculator shows the payoff order, total months to clear everything, and interest saved versus only paying minimums. Add any fixed extra amount above the minimums and watch the timeline shrink. Keep a small starter emergency fund (about one month of expenses) so a surprise bill doesn't force new debt while you're paying old debt down.
Frequently asked questions
Is the snowball or avalanche method better?
Snowball (smallest balance first) wins on motivation; avalanche (highest interest first) saves the most money. Mathematically avalanche is cheaper, but many people stick with the plan longer using snowball. This calculator follows snowball order.
What extra payment should I add?
Any fixed amount above your minimums speeds things up — even a small extra $25–50 per debt. Enter what you can reliably afford each month; the calculator shows how many months you cut off.
Should I still keep an emergency fund while paying debt?
Yes, a small starter cushion (about one month of expenses) prevents new debt when something breaks. You can build it fully after high-interest debt is gone, depending on your local cost of living.