Finance Tools
Debt Snowball Calculator
Use the debt snowball method to see how quickly you can pay off multiple debts using a fixed monthly budget.
Use the debt snowball method: pay minimums on all debts and put all extra money toward the smallest balance first. As each debt is paid off, its payment rolls into the next one.
How to use this debt snowball calculator
- Enter your total monthly budget for debt payments.
- List each debt with its name, current balance, APR, and minimum monthly payment.
- Click Calculate to simulate the debt snowball method.
- Review how long it will take to become debt-free and the payoff order.
Example
For three credit cards with different balances and interest rates, this calculator shows:
- The total time required to pay off all debts using a fixed monthly budget.
- The total interest paid over the payoff period.
- The order in which each debt will be paid off using the snowball method.
More tools in Finance Tools
- Debt Avalanche Calculator
Use the debt avalanche method to pay off debts by focusing on the highest interest rate first and minimizing total interest paid.
- Credit Card Payoff Calculator
Estimate how long it will take to pay off a credit card based on balance, APR, and monthly payment.
- Balance Transfer Calculator
Compare the cost of staying with your current credit card versus moving your balance to a new card with an introductory APR and transfer fee.
- Credit Card APR Savings Calculator
Estimate how much interest you could save by reducing your credit card APR, based on balance, payments, and payoff timeline.