Debt Snowball Calculator
Compare snowball vs avalanche debt payoff strategies
Methods Explained
Pay off smallest debts first for quick psychological wins, then roll payments into the next debt.
Pay off highest interest debts first to minimize total interest paid.
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What is this tool?
The Debt Snowball Calculator compares two popular debt payoff strategies: Snowball (pay smallest debts first for psychological wins) and Avalanche (pay highest-interest debts first for mathematical efficiency). Input multiple debts with balances, interest rates, and minimum payments to see total interest costs and payoff timelines for each method.
How to use
- 1
Add your debts
Enter each debt with balance, interest rate, and minimum payment.
- 2
Set extra payment
Enter any additional monthly payment to accelerate payoff.
- 3
Compare strategies
View snowball vs avalanche results with total interest, payoff time, and monthly schedule.
Frequently Asked Questions
Which strategy saves more money?
Avalanche always saves more on interest because it targets the highest-rate debt first. However, snowball may help you stick to the plan by providing quick psychological wins from eliminating smaller debts.
What if I have variable rate debt?
Use the current rate as an estimate. For credit cards, rates are typically 15-25%. The calculator shows approximate results that will shift as rates change.
Can I add debts mid-plan?
The calculator shows a static scenario. In real life, new debts should be added to your list and the strategy recalculated each month.
How is the debt snowball calculated?
List all debts from the smallest balance to the largest. Pay the minimum on every debt, then put all extra money toward the smallest one. When it is paid off, roll its payment into the next smallest balance, like a snowball that grows as it rolls. This tool calculates the payoff order, the month each debt is cleared, and the total interest you will pay, so you can compare the snowball against the avalanche (lowest interest rate first) strategy.