The debt snowball pays off your smallest balance first for quick wins. Add each debt with its balance, rate, and minimum payment, then add any extra you can put toward debt.
Each month every debt accrues interest at its own rate (APR ÷ 12). You pay the minimum on all debts, then put every extra dollar toward the debt with the smallest balance. When that debt is gone, its old payment rolls into the next smallest balance, so your payment toward each remaining debt grows like a snowball. The calculator steps through month by month until every balance reaches zero.
The snowball targets the smallest balance first for fast, motivating wins. The avalanche targets the highest rate first to save the most interest. Snowball keeps people motivated; avalanche is mathematically cheaper.
Clearing a whole debt quickly gives a visible win that helps you stay committed. The freed-up payment then accelerates the next debt.
It is any amount above your combined minimums that you can put toward debt each month. Even a small extra payment shortens the payoff and cuts total interest.
If a debt's minimum is below its monthly interest, that balance can grow. The calculator will warn you so you can raise the minimum or extra payment.
It uses standard monthly compounding and fixed minimums. Real lenders may use daily interest, changing minimums, or fees, so treat it as a close estimate.
Disclaimer: This tool provides an estimate for general informational purposes only and is not financial advice. Actual results depend on your lenders' terms, fees, and billing methods. Consult a licensed professional before making decisions.