Speedy Calculator

Debt Snowball Calculator

Finance

Quick answer

The debt snowball calculator plans paying off your debts smallest balance first, putting every extra dollar on the smallest debt while paying minimums on the rest, and shows your debt-free date, total interest and how it compares with the avalanche method.

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months
$
Total debt
$ 20,500
Total minimum payments
$ 475
Monthly payment budget
$ 675
Months to be debt-free
37
Total interest
$ 4,217.13
Total paid
$ 24,717.13
Interest saved vs minimum payments
$ 5,041.03
Order in which debts are paid off
Debt 1 → Debt 2 → Debt 3
Consolidation loan monthly payment
$ 537.59
Comparison of all methods
Minimum payments only: 6 yr 10 mo, interest $9,258.16, total $29,758.16 Snowball (smallest balance first): 3 yr 1 mo, interest $4,217.13, total $24,717.13 Avalanche (highest rate first): 3 yr 0 mo, interest $3,795.35, total $24,295.35 Consolidation loan: 4 yr 0 mo, $537.59/month, interest $5,604.17 incl. fees

Dave Ramsey popularised the snowball: clearing the smallest debt first gives a quick win, and the freed-up payment rolls into the next debt like a growing snowball. Studies have found the quick wins help people stick with repayment. Everything is calculated in your browser, so nothing you type is sent to our server.

How to use the Debt Snowball Calculator

  1. Number of debts
  2. Debt 1 balance
  3. Debt 1 interest rate
  4. Debt 1 minimum payment
  5. Debt 2 balance
  6. Debt 2 interest rate
  7. Debt 2 minimum payment
  8. Debt 3 balance
  9. Debt 3 interest rate
  10. Debt 3 minimum payment
  11. Debt 4 balance
  12. Debt 4 interest rate
  13. Debt 4 minimum payment
  14. Debt 5 balance
  15. Debt 5 interest rate
  16. Debt 5 minimum payment
  17. Debt 6 balance
  18. Debt 6 interest rate
  19. Debt 6 minimum payment
  20. Extra monthly payment
  21. Payoff method
  22. Consolidation loan rate (to compare)
  23. Consolidation loan term
  24. Consolidation loan fee

Everything runs in your browser, so results appear instantly and nothing you type is sent to a server.

How it works

Choose how many debts you have and enter each balance, rate and minimum payment, your extra monthly payment and the payoff method; optionally compare a consolidation loan.

Formula

Each month every debt gets its minimum payment; the extra payment (plus minimums freed up by debts already repaid) goes to the target debt Snowball target = smallest balance; avalanche target = highest interest rate Interest each month = balance × rate ÷ 12 Consolidation: one loan with payment = (total + fee) × i ÷ (1 − (1 + i)^−n)

Worked example

Inputs: Number of debts: 3; Debt 1 – balance: $2,500; Debt 1 – interest rate: 12 %; Debt 1 – minimum payment: $75; Debt 2 – balance: $6,000; Debt 2 – interest rate: 24 %; Debt 2 – minimum payment: $150; Debt 3 – balance: $12,000; Debt 3 – interest rate: 8 %; Debt 3 – minimum payment: $250; Extra monthly payment: $200; Payoff method: Debt snowball – smallest balance first; Consolidation loan rate (to compare): 11 %; Consolidation loan term: 48 months; Consolidation loan fee: $300.
Results: Total debt = $20,500; Total minimum payments = $475; Monthly payment budget = $675; Months to be debt-free = 37; Total interest = $4,217.13; Total paid = $24,717.13.

Frequently asked questions

What is the debt snowball method?

Paying off debts from smallest to largest balance, regardless of interest rate.

Does the snowball method cost more?

Usually a little more interest than the avalanche, so check the comparison.

Should my mortgage be in the snowball?

It's usually left out.

Sources

  1. Consumer Financial Protection Bureau

Guides on this topic

Cite this calculator

Speedy Calculator. (2026). Debt Snowball Calculator. Speedy Calculator. https://speedycalculator.com/calculators/finance/debt-snowball/