Debt Snowball Calculator
Build momentum by eliminating your smallest debts first. See when each debt is paid off and your total interest cost.
How the Debt Snowball Method Works
The debt snowball method sorts your debts by balance from smallest to largest. Each month, minimum payments are made on all debts, and any extra monthly payment is directed entirely to the smallest-balance debt. When that debt is gone, the freed-up payment joins the attack on the next smallest balance.
This strategy was popularized by financial author Dave Ramsey and is backed by behavioral research. A 2016 study found that people who focused on one debt at a time (regardless of interest rate) paid off more debt than those who split extra payments across multiple balances. Quick wins keep you motivated to continue.
The bar chart shows each debt's payoff month, with debts sorted by balance. You'll notice the first payoff comes relatively quickly (the smallest balance), then the gaps between subsequent payoffs vary based on the growing payment momentum. By the final debt, you're typically making a very large combined payment each month.
Compare the snowball results to the Debt Avalanche Calculator to understand the exact tradeoff between interest savings (avalanche wins) and motivational milestones (snowball wins). The right choice depends on your psychology and financial situation.