Online Savings Calculators and Tools

Debt Snowball Calculator

Debt Snowball Calculator

This calculator will show you how much time and money you could save by rolling the payments of your debts into the next debt as they get paid off. As you are about to see, this method can save you a ton of money in interest charges, and get you debt free in a very short period of time.

Instructions: Enter the name, current balance, interest rate and minimum payment amount for all of your debts (up to a maximum of 10 debts).

You should Enter your Debts in the order you would like to prioritze their payments. Two common mehods here are:

The Debt Snowball Method: Input you debts in order of smallest balance to largest balance, this will let you see the effect of paying off your smallest debts first.

The Debt Avalanche Method: Input you debts in order of the highest interest rate to the lowest interest rate. This method should result in the maximum savings from interest payments.

You can also use you own ordering to prioritize your debts yourself.

Next, enter a monthly dollar amount you could add to your accelerated debt payoff plan. Then, click the "Calculate Results" button.

Note: If you include your mortgage in your Accelerated Debt Payoff Plan, be sure to enter only the principal & interest portion of your monthly mortgage payment (don't include monthly tax and insurance portion).

Entry Columns Calculated Columns
# Creditor Principal
Balance ($)
Rate (%)
Amount ($)
# of Pmts
Enter a monthly dollar amount you can add to your debt payoff plan:
Results Principal
# of Pmts
Current totals: N/A
ADP totals: N/A
Time and interest savings from Accelerated Debt Payoff Plan:

Debt Snowball Calculator Information

If you hold a lot of debt and want to find a way to pay it off, the debt snowball calculator can help you calculate how you can prioritize your payments to get out of debt sooner. This calculator is to be used when you have more than one debt balance to pay off.

There are two methods of paying off your debt that can be illustrated using the debt snowball calculator: the debt snowball method, and the debt avalanche method.

• Debt Snowball Method

In this method, the aim is to pay off your debt in order of balance size. For example, let’s say you have five credit cards that you’d like to pay off:

- Credit Card A: 11% interest, $500 balance

- Credit Card B: 15% interest, $200 balance

- Credit Card C: 15% interest, $1,000 balance

- Credit Card D: 19% interest, $700 balance

- Credit Card E: 11% interest, $300 balance

Using the debt snowball method, your aim would be to pay off the smallest balance first, and then move onto the higher balanced cards. Enter these balances into the calculator in priority order, meaning you would start with Credit Card B at $200 and end with Credit Card C at $1,000.

Enter the amount you’ll be paying towards each debt per month in the “Payment Amount ($)” line. Be sure to match up the correct payment amount with the associated credit card. For a simplified example, we’ll assume you’re paying $20 towards each card per month. After calculating how many payments it will take you to pay off your debt, you’ll find that you have a minimum of 11 months left, with the $200 balance, and a maximum of 79 payments left, with the $1,000 balance.

If you pay off your balances in order of priority, you’ll end up with 34 payments, because the amount dedicated to your smallest balances will go towards the next smallest balance once one debt is paid off. In other words, once you’ve paid the $200 off, that $20 per month will be going towards your next balance. This method ends up saving you $384.32 in interest payments!

To get your smaller debts paid off faster, dedicate more than the minimum payment to that card. Let’s say you have $10 extra per month to pay towards your smallest debt. That small extra amount would actually cut 4 months off of your total repayment time, and it would only take you 30 months to pay off your debt.

• Debt Avalanche Method

This method is a debt prioritization method in which you will be paying off your debt that carries the highest rate of interest first. Let’s use the same numbers as above to illustrate how to use the calculator for this method.
This time, Credit Card D will get the priority at 19% interest. There are two cards with 15% interest, so we’ll choose the one with a lower balance, Credit Card B, to go with next. Again, we see that paying off the cards in this priority order will result in them having been paid off in 34 months, rather than up to 79 months.

The debt avalanche method will afford us a savings of $396.80 in interest payments as opposed to simply paying the minimum on every card each month, which is a bit more than the interest saved under the debt snowball method. Again, having a bit extra to pay towards your debt will cut even more time off of your payment length, with $10 per month reducing your payments to 30 rather than 34.

When using the debt snowball calculator, you do not have to use one of the above mentioned methods for prioritizing your debts. You may have personal reasons for wishing to pay one debt off sooner than another; just be sure to list your debts in the calculator in order of your personal priority for paying them off.

If you’d like to find out how much money you’re spending in interest on different cards based on different interest rates and annual fees, or if you’re comparing new credit cards that you’re interest in, use the credit card comparison calculator. There, you can enter information about balance, minimum payments, and the interest and fees associated with two different cards to see how they compare. This will help you know how to prioritize balances you already hold and can help you decide which credit card offer to choose if you’re looking for a new card.

When you’re deciding how to pay off your debts and get back on your feet financially, you may need the help of a financial expert. This calculator is meant to be used for illustrative purposes; the calculations presented can be used as a guideline. If you’re struggling with debt and you’re not sure how to structure your debt payments, consult a financial professional.