Debt Snowball Calculator
Pay off smallest debts first to build momentum and stay motivated
Your Debts
You must have at least two debts to apply the debt snowball method
Debt #1
Debt #2
Debt #3
Debt #4
Snowball Method Effect
🎯 If you turn to the snowball repayment method, you can save $-8,502.837 on interest, and you will pay off your debts -1 years and -2 months earlier than otherwise.
To do so, you need to keep the total monthly payment constant at $400 by reallocating payment amounts to the debt with the smallest balance.
Summary
| Metric | Total Current Debt | Total Debt with Snowball Method |
|---|---|---|
| APR | 7.158%* | 3.553% |
| Monthly payment ($) | varied | 400 |
| Payoff term | 5 years and 11 months (71 months) | 6 years and 1 months (73 months) |
| Total payable ($) | 20,319.788 | 28,822.625 |
| Total interest ($) | -3,380.212 | 5,122.625 |
* For your current debt without snowball acceleration, the APR is estimated by the weighted average procedure.
Balances
Payment Schedules
Snowball Method Benefits
Quick Wins
Paying off smaller debts first provides psychological motivation
Momentum Building
Each paid-off debt increases available payment for remaining debts
Behavioral Focus
Emphasizes consistency and motivation over mathematical optimization
Fixed Payment
Maintains constant total monthly payment throughout the process
Method Comparison
Snowball Method
Fastest debt elimination, highest motivation
Avalanche Method
Lowest total interest, maximum savings
Minimum Payment
Lowest monthly commitment, highest cost
Understanding the Debt Snowball Method
How It Works
The debt snowball method prioritizes paying off debts with the smallest balances first, regardless of interest rates. This approach builds momentum through quick wins and psychological rewards.
The Process
- List all debts from smallest to largest balance
- Pay minimums on all debts except the smallest
- Put all extra money toward the smallest debt
- When smallest debt is paid off, roll its payment to the next smallest
- Repeat until all debts are eliminated
When to Choose Snowball
Best For:
- • People who need motivation to stay on track
- • Those with multiple small debts
- • Individuals who respond well to quick wins
- • When debt balances vary significantly
Consider Avalanche If:
- • You have high-interest debt
- • Math motivates you more than quick wins
- • You want to minimize total interest paid
- • Similar debt balances across accounts
Order by Balance
List debts from smallest to largest balance
Focus Payments
Put all extra money toward smallest debt
Roll Payments
Move payments to next smallest debt when one is paid off