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Debt Snowball Calculator

Use this debt payoff calculator to see when you’ll be debt free under the debt snowball method.
April 12, 2019
Paying Off Debt, Personal Finance
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By using debt snowball, you can stay motivated and encouraged as you work on your debt payoff. With this strategy, you pay off your smallest obligations first, then roll the amount you used to pay those first debts into paying off your bigger ones — like rolling a snowball down a hill.

The debt snowball calculator below does the heavy lifting of determining a debt payoff path for you.

Debt snowball calculator

Debt snowball calculator

Debt 1

How to use this debt snowball calculator

Enter the account name and balance for your various debts, such as credit cards, student loans or medical bills.

Also input interest rates and minimum payments due on your debts. For credit cards, you can typically find interest rates and minimum payments on your statements.


Sign up with NerdWallet to see your debt breakdown and upcoming payments all in one place.

Understanding your results

Payment strategy: Put together a budget to determine how much extra money you can put toward your debt monthly beyond minimum payments. You’ll use that money to accelerate your debt payoff. Use the sliding scale to adjust how much extra money you’ll put toward your debt.

Payoff order: Switch between the debt snowball and debt avalanche methods to see the difference in interest you’d pay with each method.

Total monthly payment: You’ll see your current minimum monthly payments as well as your new monthly payments with the extra money you put toward your debt.

Total interest: Here you’ll see how much interest you’d pay over the course of repaying the debt. See the difference in interest between your current plan and the new plan with your additional payment amount.

Debt free date: This is the month you’ll be done paying the debt. The more you pay monthly, the faster you’ll be out of debt.

Debt payoff order: You’ll see a list of your accounts with principal, total interest and a debt-free date under your current minimum payments and new plan with the extra money toward your debt. This could change depending on the payoff method of debt avalanche or debt snowball.

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