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Debt Snowball Calculator

Free to use, runs entirely in your browser — no email, no signup.

Debt Reduction Strategy : Learn the Snowball Method



Use the video above to learn the Snowball Method.


Use the video above to learn how to use the Snowball Calculator Below.

How to Use the Calculator

Below you enter a Creditor Name (any name you like), Balance owed, Interest rate and Monthly payment. Simply click the Red “Delete” button to remove a row and the Blue “Add Another Creditor” to add another row (creditor).

You have two options.
Option 1: Leave the field for “Additional Amount” to zero which will show you how much you can save simply by applying the method and not adding additional money, then click “Calculate Debt Snowball”.
Option 2: If you have additional money to add you can put it in the additional money field and hit “Calculate Debt Snowball”.

The results will show you month by month (each row below is a month) how much to send to each creditor/debt. Your savings will be shown in months saved and money (interest) saved.

Summary : the Snowball method reorders your debts by smallest (lowest) debt balance first, and starts applying the payments once debts are paid to the smallest debt balance left, or any additional payments to the smallest debt balance left.

Compare to Debt Avalanche Calculator here.

Results Balance
Owed 		Payment
Amount 		Interest
Cost 		# of Pmts
Left
Current totals:
Debt Snowball Totals:
Time and interest savings from Accelerated Debt Payoff Plan:
The total of your current monthly debt payments () plus the additional monthly amount of , is equal to . This is how much you will allocate to paying off your debts until all of the above debts are paid off.
Payment Schedule
This table shows the payment schedule for your debts using the debt snowball method of paying off debts with the lowest balance first.

How we calculate interest

This calculator uses a monthly interest rate equal to your APR divided by 12 (a 24% APR becomes 2% per month). That is exactly how U.S. credit card companies and most lenders charge interest each month, so the totals here reflect what you would really pay.

If another calculator shows you a different number, it is almost always because it converts the rate a different way. Some use an “effective annual” formula — (1 + APR)1/12 − 1 — which gives a slightly lower monthly rate and makes debt look cheaper and quicker to pay off than it actually is. Others compound daily (APR ÷ 365), which runs a few dollars higher. We deliberately use the plain APR ÷ 12 method because it matches your statement. Small differences between tools are normal and come down to this single choice.