Debt snowball calculator
Put in all your debts and get your payoff order, your debt-free date, and how much you save compared with paying only the minimums.
By Steven Crews, former bank manager and mortgage broker · Updated October 28, 2026What is the debt snowball?
List your debts from the smallest balance to the largest. Pay the minimum on all of them, and put every extra dollar on the smallest one. When it's gone, its payment rolls onto the next one. Each debt you finish makes the next payment bigger, like a snowball rolling downhill.
Snowball or avalanche?
The avalanche pays the highest interest rate first. On paper it usually costs a little less interest. The snowball pays the smallest balance first, so you clear whole debts sooner.
My take, from years in a bank: when money is tight, cash flow matters more than a few dollars of interest. Every debt you clear is one less minimum payment each month, and that freed-up money is what keeps you going. So I start with the smallest. Use the switch above to see the difference with your own numbers.
A real example
A $800 store card at 21.99% ($25 minimum), a $2,150 Visa at 19.99% ($60 minimum) and a $3,000 car loan at 6.5% ($400 a month):
- Paying only each minimum and never rolling anything over: 55 months and $1,637 in interest.
- Same $485 a month, with each finished payment rolled onto the next (snowball): 14 months and $599 in interest.
- Add $100 a month: 11 months and $460 with the snowball (the avalanche comes out the same here, because the smallest debt also has the highest rate).
The biggest win isn't snowball versus avalanche. It's rolling the payments over instead of letting them drift back into everyday spending.
Keep the freed-up money from disappearing
When a debt is gone, that payment can quietly turn into takeout and impulse buys. The free Wallet Method app gives that money a job before it drifts: it rolls onto the next debt. It also flags it when a card balance goes up instead of down.
Questions
How does the debt snowball method work?
List debts from smallest balance to largest. Pay minimums on all of them and put any extra money on the smallest. When one is paid off, add its payment to the next one.
Is the snowball or the avalanche better?
The avalanche (highest rate first) usually costs a little less interest. The snowball (smallest balance first) clears whole debts sooner, which frees up cash flow and keeps you motivated. The calculator shows both with your numbers.
How much faster is the snowball than paying minimums?
In our example with three debts totaling $5,950, paying only the minimums takes 55 months and $1,637 in interest. Rolling each paid-off payment onto the next takes 14 months and $599 with the same monthly amount.
Should I include my car loan or mortgage?
Most people include car loans and personal loans and leave the mortgage out. A loan with a big payment often clears quickly on its own, and its payment then rolls onto the next debt.
What if I can't afford the minimums?
Talk to your lenders before you miss a payment. In the US, a nonprofit credit counselor can help you build a plan. In Canada, look for a non-profit credit counselling service.
These are estimates. Interest is worked out monthly (your yearly rate divided by 12). Cards charge on your daily balance, so your statement can differ a little. This is a planning tool, not financial advice.