Debt Snowball Calculator
Plan paying off several debts at once: the snowball method (smallest balance first) against the avalanche (highest APR first), with the month each debt is gone.
Three debts ($2,500 at 19%, $7,000 at 26%, $9,000 at 7%): time and interest by monthly budget
| Paying a month | Snowball | Avalanche | Avalanche saves |
|---|---|---|---|
| $500 | 4 years 8 months · $9,017 | 4 years 7 months · $8,915 | $101 |
| $700 | 2 years 9 months · $4,517 | 2 years 9 months · $4,147 | $370 |
| $1,000 | 1 year 10 months · $2,517 | 1 year 9 months · $2,332 | $185 |
| $1,500 | 1 year 2 months · $1,515 | 1 year 2 months · $1,417 | $98 |
The same three debts at $700 a month: the order each is paid off
| Method | 1st | 2nd | 3rd |
|---|---|---|---|
| Snowball | Store card, month 12 | Visa, month 32 | Car loan, month 33 |
| Avalanche | Visa, month 26 | Store card, month 31 | Car loan, month 33 |
How this calculator works
Each month every debt charges interest at its APR ÷ 12 and gets at least its minimum payment. Whatever is left of your monthly budget goes to one target debt.
The snowball targets the smallest balance first; the avalanche, the highest APR. When a debt is cleared, its minimum rolls into the next target, so the amount going to debt stays the same each month while the payoff speeds up.
The avalanche always pays the least interest. The snowball clears individual debts sooner, which many people find easier to stick with.
What it assumes
- No new borrowing, fees or rate changes, and minimum payments that stay fixed (card minimums actually fall as balances do; keeping the payment level is what makes either method work).
- Interest is charged monthly; card issuers use a daily rate, so real interest is a little higher.
Questions people ask
What is the debt snowball method?
Pay the minimum on every debt and put every spare dollar on the smallest balance. When it is gone, add its payment to the next smallest, and so on: the payment snowballs as each debt disappears.
What is the debt avalanche method?
The same, but ordered by APR: extra money goes to the debt with the highest interest rate first. It is the order that costs the least interest.
Snowball or avalanche: which is better?
The avalanche always costs less, but the gap is often small: for the three debts above at $700 a month it saves $370. The snowball gives quicker wins, which matters if motivation is the hard part.
How long will it take to pay off my debt?
It depends on how much you can pay each month. For $18,500 across the three debts above, paying $700 a month takes 2 years 9 months; $1,000 a month takes 1 year 9 months.
Should I consolidate instead?
If a consolidation loan or 0% balance transfer has a lower rate than your debts, it can cut interest further. The debt consolidation and balance transfer calculators compare them.
Related calculators
Sources
Updated by the RateHerald team. The maths is tested against worked examples; report a problem.