Debt snowball calculator

Credit card

Car loan

Student loan

Debt-free date with the snowball

Total4 yr 1 mo
Total debt
$30,600
Interest paid — snowball
$4,565
Debt-free — avalanche order
4 yr 1 mo
Interest paid — avalanche
$4,565
Debt-free date with the snowball
4 yr 1 mo

Snowball order: Credit card → Car loan → Student loan. The snowball clears the smallest balance first for momentum; the avalanche targets the highest rate first and usually costs slightly less interest.

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The short answer

The snowball method pays minimums on everything and throws every spare dollar at the smallest balance. When it clears, its payment rolls into the next debt. This calculator shows your debt-free date and interest cost, and compares it with the avalanche order, which attacks the highest interest rate first.

Snowball or avalanche?

Avalanche is mathematically cheaper: paying the highest rate first always removes the most interest. Snowball is behaviourally stronger: clearing a whole account early gives visible progress and frees a payment sooner.

How to make the roll-over work

  • Never lower a payment when a debt clears — roll the whole amount into the next one.

  • Keep minimums current on everything so nothing goes delinquent while you focus.

  • Stop adding new balances to the cards you are clearing.

  • Re-run the plan whenever your income or the extra amount changes.

The formula

Pay every minimum, then direct extra + freed-up minimums at one target debt. Snowball orders by smallest balance; avalanche orders by highest rate.

FAQ

Compare strategies with the debt payoff calculator

The debt snowball method directs additional money to the smallest balance while maintaining required payments on every other debt. After one balance is paid, its payment moves to the next balance. The debt avalanche instead targets the highest interest rate first. If all payments and rates remain the same, the avalanche generally minimizes interest, while the snowball organizes repayment around completing smaller balances sooner.

Enter each balance, annual interest rate, minimum payment, and any additional monthly amount. A credit card payoff calculator may produce different results if a card uses variable rates, daily interest, fees, or promotional terms. Confirm whether a loan payoff calculator assumes payments occur monthly and whether additional amounts are applied directly to principal. Continue making at least required payments on time, regardless of the payoff order selected.

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