Pay off debts from smallest balance to largest and see the time and interest.
Please do not make financial decisions based on these results.
What is the Debt Snowball Calculator?
Pay off debts from smallest balance to largest and see the time and interest. To use the Debt Snowball Calculator, enter debt 1 balance, debt 1 rate, debt 1 minimum, debt 2 balance, debt 2 rate, debt 2 minimum and a few more values; it returns months to be debt-free, total interest paid, and shows them instantly as you type.
Paying debt down
Extra payments shorten a loan and cut interest. Use the repayment calculator for one loan and the debt payoff calculator when you owe several. Credit cards are a special case; see the credit card payoff calculator.
Choosing the right loan
Compare the total cost, not only the payment. The debt consolidation calculator tests whether one new loan beats several old ones, and the student loan calculator and personal loan calculator cover those specific products.
How to use the Debt Snowball Calculator
- Enter your numbers. Start with Debt 1 balance ($), Debt 1 rate (%), Debt 1 minimum ($), then fill in Debt 2 balance ($), Debt 2 rate (%), Debt 2 minimum ($), Debt 3 balance ($). Take the rate and term from your loan offer. Fees and the rate type change the result. Fields marked optional can stay at zero.
- Read the result. The highlighted box gives the Months to be debt-free, and the cards below show Total interest paid. Tables and charts break it down further.
- Test other scenarios. Results update as you type. Change one value at a time to see what drives the answer, and press Reset to go back to the defaults.
Formula and how it works
Example with real numbers
Here is the Debt Snowball Calculator using the default values shown in the calculator above:
Inputs
| Debt 1 balance ($) | 4,000 |
|---|---|
| Debt 1 rate (%) | 22 |
| Debt 1 minimum ($) | 100 |
| Debt 2 balance ($) | 9,000 |
| Debt 2 rate (%) | 14 |
| Debt 2 minimum ($) | 180 |
| Debt 3 balance ($) | 12,000 |
| Debt 3 rate (%) | 7 |
| Debt 3 minimum ($) | 220 |
| Extra monthly payment ($) | 300 |
Results
| Months to be debt-free | 37 |
|---|---|
| Total interest paid | $4,168.83 |
With these inputs the calculator returns Months to be debt-free: 37. Change any value in the calculator to see how the result moves.
What if you change one input?
Sensitivity check: raising Debt 1 balance ($) from 4,000 to 4,800 (about 20% higher) and leaving everything else as in the example above changes the results like this:
| Result | Example | After the change | Change |
|---|---|---|---|
| Months to be debt-free | 37 | 39 | +5.4% |
| Total interest paid | $4,168.83 | $4,644.09 | +11.4% |
The input that moves the result most is the one to check twice. Change it in the calculator above to test your own case.
What the results tell you
The results panel of the Debt Snowball Calculator reports Months to be debt-free and total interest paid. Compare these figures while changing one input at a time, and use the related calculators below to look at the same situation from another angle.
Method and limits. This calculator applies the formula in the section above to your inputs, in your browser; nothing you enter is stored on our servers. Your lender’s offer is the final word: fees, rate type and rounding differ between lenders. It is for information, not financial, tax or legal advice.
Frequently asked questions
Why does snowball work for many people?
Early wins free up payments and build momentum.
Can I add extra payments?
Yes. This calculator has extra payment fields, and the results show the interest saved and how much sooner the loan is paid off.
Can I enter the term in years and months?
Yes. Enter years and months together, for example 6 years and 2 months.
Are the results guaranteed?
No. Results depend entirely on the numbers you enter and the formulas shown on this page. Please do not make financial decisions based on them alone; confirm important figures with a licensed professional.
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