Debt Snowball Calculator
Calculate the fastest way to pay off your debts using the debt snowball or avalanche method. Get a personalized payoff plan and see how much interest you can save.
Step 1: Debt Information
Debt Snowball Method
Pay off debts from smallest to largest balance, gaining momentum as each balance is paid off. This method provides psychological wins that keep you motivated.
Step 2: Individual Debts
| Debt Name | Balance | Interest Rate | Min. Payment |
|---|---|---|---|
| % | |||
| % | |||
| % |
Debt Avalanche Method
Pay off debts from highest to lowest interest rate. This method saves the most money on interest but may take longer to see your first debt paid off.
Debt Payoff Calculation Results
Total Time to Debt Freedom
Debt Payoff Schedule
Snowball Method Payoff Order
1. Credit Card ($5,000 at 18.9%)
2. Personal Loan ($8,000 at 7.5%)
3. Auto Loan ($12,000 at 5.2%)
| Month | Debt | Payment | Interest | Principal | Remaining |
|---|---|---|---|---|---|
| 1 | Credit Card | $500 | $79 | $421 | $4,579 |
| 2 | Credit Card | $500 | $72 | $428 | $4,151 |
| 3 | Credit Card | $500 | $65 | $435 | $3,716 |
| 4 | Credit Card | $500 | $59 | $441 | $3,275 |
| 5 | Credit Card | $500 | $52 | $448 | $2,827 |
Snowball Effect
Once a debt is paid off, its minimum payment is added to your debt snowball, accelerating the payoff of remaining debts. This creates momentum in your debt repayment journey.
Method Comparison: Snowball vs. Avalanche
Which Method is Right For You?
Choose Snowball if you need psychological wins and motivation from paying off debts quickly.
Choose Avalanche if you want to minimize interest costs and don’t mind waiting longer for your first debt payoff.
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Connect with our financial advisors for personalized debt management plans, consolidation strategies, and financial counseling to achieve debt freedom faster.
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