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The debt snowball method pays off debts from smallest balance to largest, regardless of interest rate, building momentum through early wins.
This calculator simulates the debt snowball method across up to three debts, showing how long it takes to become debt-free and the total interest paid.
How it works
Enter the balance, interest rate, and minimum payment for each debt (up to three), plus any extra amount you can put toward debt each month. The calculator simulates the payoff schedule month by month: minimum payments go to every debt, interest accrues, and any leftover budget is directed to the smallest remaining balance.
- Enter debt 1 balance.
- Enter debt 1 annual interest rate (%).
- Enter debt 1 minimum payment.
- Enter debt 2 balance (optional).
- Enter debt 2 annual interest rate (%, optional).
- Enter debt 2 minimum payment (optional).
- Enter debt 3 balance (optional).
- Enter debt 3 annual interest rate (%, optional).
- Enter debt 3 minimum payment (optional).
- Enter extra monthly payment (optional).
- Click Calculate to see your results.
Examples
Two debts plus $100 extra
A $2,000 balance at 22% and a $5,000 balance at 18%, with $150 in combined minimum payments plus $100 extra per month, becomes debt-free in about 37 months, paying roughly $2,238 in total interest.
Who should use it
- Planning a debt payoff strategy across multiple balances.
- Seeing how much extra monthly payment shortens the payoff timeline.
Industry applications
- Personal finance and debt counseling
- Financial coaching
Advantages
- Simulates the full month-by-month payoff schedule, including compounding interest.
- Shows both the payoff timeline and the total interest cost.
Limitations
- Limited to three debts and a constant extra payment amount for the whole payoff period.
Common mistakes to avoid
- Filling in only some of the three fields for a debt (balance, rate, minimum payment) instead of all three or leaving all three blank.
- Forgetting to include a debt's minimum payment as part of your budget, which would understate how much you're actually paying each month.
Best practices
- List every minimum payment accurately — the snowball effect specifically comes from rolling those minimums into your extra payment as each debt is paid off.
Tips
- If total interest cost matters more to you than early motivation, compare this result to paying the highest-interest-rate debt first instead (the debt avalanche method) — it typically saves more in interest, though it may take longer to see your first debt fully paid off.