Debt Snowball Calculator
Pay off debts smallest balance first — builds momentum with quick wins.
How This Works
Both strategies pay the minimum on every debt, then throw all extra payment at one target debt at a time. Snowball targets the smallest balance first for quick psychological wins. Avalanche targets the highest interest rate first, which mathematically minimizes total interest paid — though snowball can help some people stay motivated and stick with it.
Formula
Example
With a $5,000 card at 22%, a $12,000 car loan at 7%, and a $3,000 personal loan at 14%: snowball tackles the $3,000 loan first; avalanche tackles the 22% card first.
Frequently Asked Questions
Which is better, snowball or avalanche?
Avalanche saves more money mathematically since it eliminates the highest interest rate first. Snowball can be more motivating since you clear whole debts faster, which helps some people stick with the plan.
Do I keep paying minimums on other debts?
Yes — always pay at least the minimum on every debt, then apply all extra payment to your one priority debt until it's paid off, then roll that payment into the next.