Debt Snowball Calculator
Enter your debts and extra monthly payment to get a payoff plan: the order to attack your debts, your debt-free date, and total interest paid — with snowball and avalanche strategies compared. Informational only, not financial advice.
| Strategy | Time | Total interest |
|---|---|---|
| Snowball (selected) | 3y 6m | $3,524.30 |
| Avalanche | 3y 6m | $3,524.30 |
| # | Debt | APR | Paid off in | Interest paid |
|---|---|---|---|---|
| 1 | Credit card | 22.9% | 1y 5m | $790.19 |
| 2 | Car loan | 6.5% | 2y 3m | $884.30 |
| 3 | Student loan | 5.1% | 3y 6m | $1,849.81 |
How to use this tool
- List each debt with its current balance, APR, and minimum monthly payment.
- Enter the extra amount you can put toward debts each month beyond the minimums.
- Choose Snowball (smallest balance first) or Avalanche (highest interest rate first).
- Read your payoff order, debt-free date, and total interest — and compare both strategies side by side.
How it works
The calculator simulates your payoff month by month: every debt accrues interest at its APR ÷ 12, receives its minimum payment, and the debt at the top of your chosen order also receives all extra money. When a debt is paid off, its minimum payment 'snowballs' into the extra amount attacking the next debt.
Snowball (smallest balance first) produces quick early wins; research on real borrowers has linked closing individual accounts with staying the course (see sources). Avalanche (highest APR first) is mathematically optimal — it always pays the least total interest. The comparison shows exactly what the snowball method's motivational structure costs in dollars and months, so you can choose deliberately.
Assumptions: APRs stay constant, no new charges are added to the debts, and payments are made on time each month. Informational only — not financial advice.
Sources & references
- Gal & McShane — Can Small Victories Help Win the War? (Journal of Marketing Research, 2012)
- CFPB — How to reduce your debt
Content last reviewed: July 2026.
Frequently asked questions
What's the difference between the snowball and avalanche methods?
Snowball pays off the smallest balance first for quick psychological wins; avalanche pays the highest interest rate first, which minimizes total interest paid. Avalanche always wins mathematically, but research on real borrowers (Gal & McShane 2012, linked in the sources below) found that paying off individual accounts in full predicts sticking with debt repayment.
How much extra should I pay each month?
Whatever you can sustain. Even small extra amounts compound: because each paid-off debt's minimum rolls into the next one, the payoff accelerates over time regardless of the starting extra.
Should I include my mortgage?
Usually no — snowball/avalanche plans typically target consumer debt (credit cards, auto loans, personal loans, student loans). Mortgages have long terms and low rates that would dominate the plan.
What if I can only afford the minimum payments?
The plan still works — enter 0 extra. Each debt you finish frees its minimum payment to attack the next, so the snowball builds even without extra money. If you can't cover the minimums, a nonprofit credit counselor can help; that's beyond what a calculator should advise.