Enter your debts
Add each debt (credit cards, loans, etc.). Snowball targets the smallest remaining balance. When it’s paid off, its minimum payment “rolls” into the next debt.
Debt Snowball Calculator
Build a motivating payoff plan using the debt snowball method: pay minimums on everything, then attack the smallest balance first with any extra money. Add your debts below and get a month-by-month schedule, estimated payoff month, and interest totals.
❄️Smallest balance first
📅Payoff date + schedule
💸Total interest + total paid
🔒Runs in-browser
📘 Formula breakdown
How the debt snowball calculation works
The debt snowball method is a debt payoff strategy that prioritizes smallest balances first. You pay minimum payments on every debt, then send all remaining money to the smallest balance. When that debt is paid off, its old minimum payment becomes extra “fuel” for the next debt — the payment “snowballs.”
This calculator estimates payoff using monthly interest. It converts APR (annual percentage rate) to a monthly rate:
Monthly interest rate = (APR ÷ 100) ÷ 12
Estimated monthly interest is then:
Monthly interest ≈ Current balance × Monthly interest rate
After interest is estimated, payments are applied. You can choose whether the model assumes interest then payment or payment then interest. Real lenders vary, so treat this as a plan, not a statement-accurate quote.
- Minimums first: every debt receives its minimum payment.
- Focus next: all remaining budget goes to the smallest balance.
- Rollover: paid-off minimums roll into the next target automatically.
Your results include payoff time, estimated payoff month, total interest, total paid, and a month-by-month schedule. If the plan looks endless, increase payments — very low minimums relative to APR can slow progress dramatically.
🧾 Worked example
Example snowball plan
Example debts with $200 extra per month:
- Credit Card A: $900 balance, 24% APR, $35 minimum
- Credit Card B: $2,400 balance, 19% APR, $70 minimum
- Loan C: $6,500 balance, 10% APR, $160 minimum
Minimum payments total $265/month. Add $200 extra and your payoff budget is $465/month. Snowball order is A → B → C. After Card A is paid off, its $35 minimum rolls into the next target, so your focused payment increases without you finding new money.
- Speed up payoff: increase the extra payment, avoid new charges, and use windfalls to eliminate a small debt early.
- Lower drag: negotiating APR or using a 0% promo (carefully) reduces interest.
🧠 Snowball vs. Avalanche
Which strategy should you use?
Snowball is built for motivation and fast wins. Avalanche (highest APR first) often minimizes interest. If you’ve quit plans before, snowball is usually the better choice. If you’re highly disciplined, avalanche may save more money.
- Snowball: smallest balance first → quick milestones.
- Avalanche: highest APR first → lower total interest (often).
- Hybrid: snowball your first win, then avalanche the rest.
❓ FAQs
Debt Snowball questions
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Is debt snowball better than debt avalanche?
Snowball is easier to stick with for many people; avalanche often minimizes interest. The “best” one is the one you’ll complete.
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Should I include 0% APR promotional balances?
Yes, but track promo end dates. If a promo ends soon, you may want to prioritize that balance earlier.
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Does this include fees or daily compounding?
No. It’s a monthly estimate for planning. Fees and daily compounding can change actual payoff.
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What if my minimum payments change over time?
If minimums drop as balances drop, keep your total monthly budget constant by treating the drop as extra payment.
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What’s the fastest way to pay off sooner?
Increase the monthly budget (extra payment) and avoid new charges. Those two factors dominate everything else.
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MaximCalculator is designed for clarity and speed. Always verify payoff terms with your lender and avoid new charges while executing a debt payoff plan.