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Debt Snowball Calculator

List your debts, add what you can pay beyond the minimums, and see your payoff order, debt-free date and interest. The snowball method targets the smallest balance first, and the table compares it with avalanche.

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On top of all minimum payments.

Month-by-month schedule

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How the snowball method works

  1. List every debt with its balance, APR and minimum payment.
  2. Pay the minimum on every debt each month.
  3. Pay the smallest balance first: after the minimums, every extra dollar goes to the debt with the smallest balance, and ties go to the higher APR.
  4. When that debt is gone, add its minimum to the extra money and move to the next target.

Each month interest is balance × APR ÷ 12, rounded to the cent. The monthly total (all minimums plus your extra) never changes, so payments "roll" forward as debts clear. The first payment is one month from today.

Worked example

Three cards: Small, $500 at 12% with a $25 minimum; Medium, $1,000 at 24%, $30 minimum; Large, $2,000 at 18%, $50 minimum. You pay $100 extra, so $205 a month in total.

In month one the extra $100 goes to Small, so it ends the month at $500 + $5.00 interest − $125 = $380.00, while Medium is $1,000 + $20.00 − $30 = $990.00 and Large is $2,000 + $30.00 − $50 = $1,980.00. Small is cleared in month 5, Medium in month 11 and Large in month 21.

Run to the end, the snowball method clears everything in 21 months with $614.34 interest. The avalanche method takes 20 months with $568.92, saving $45.42. Your numbers will differ, so try your own above.

Limits

Constant APRs, no new charges and no fees are assumed, and issuers often compute interest daily, so real statements can differ slightly. This is a planning estimate, not a payoff quote.

Frequently asked questions

What is the debt snowball method?

You pay minimums on every debt and put all extra money on the debt with the smallest balance first. When it is paid off, that payment moves to the next smallest. The idea is quick early wins.

What happens when a debt is paid off?

Its minimum payment is not spent elsewhere. It rolls into the extra amount and goes to the next target, so your total monthly payment stays the same until everything is gone.

Why does it warn me about a minimum payment?

If a debt’s minimum is no larger than one month of its interest, paying only the minimum never shrinks it. The warning shows which debt, so you can send extra money there or ask the lender about options.

What if my total payment is less than all the minimums?

The calculator stops and tells you. Missing minimums can mean late fees and credit damage. The CFPB suggests contacting your lenders early.

Does it include new purchases, fees or rate changes?

No. It assumes you stop adding to these debts and that each APR stays the same. Interest is charged monthly at APR ÷ 12.

Which method should I use?

Compare them on your own numbers in the table above, and read snowball vs avalanche. The best plan is the one you can keep paying every month.

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