Debt Snowball Calculator
This debt snowball calculator shows how fast you'll be debt-free by paying off your smallest balance first, then rolling that payment into the next-smallest, and so on. Enter up to three debts and any extra you can put toward them each month to see your payoff timeline and total interest.
Leave later slots at £0 if you have fewer than three debts.
The annual percentage rate charged on this balance.
The smallest monthly payment this lender requires.
Set to £0 if you don't have a debt in this slot.
The annual percentage rate charged on this balance.
The smallest monthly payment this lender requires.
Set to £0 if you don't have a debt in this slot.
The annual percentage rate charged on this balance.
The smallest monthly payment this lender requires.
Money you can put toward debt beyond the minimums, all directed at your smallest balance first.
Months to debt-free
32
How long until every listed debt reaches £0, following the snowball order.
How to use this debt snowball calculator
- 1Enter each debt's balance, interest rate and minimum payment — leave a slot at £0 if you only have one or two debts.
- 2Extra monthly payment: any amount above the combined minimums that you can commit to debt payoff each month.
- 3The calculator automatically orders your debts smallest-balance-first and cascades your extra payment (plus any freed-up minimums) onto the next debt each time one is cleared.
Understanding your results
Months to debt-free counts from today until every listed balance reaches zero, following the snowball order. Interest saved and months saved compare that outcome against paying only the minimums on each debt independently — the snowball method's real value is turning 'stuck paying minimums forever' into a visible finish line, even though it isn't always the mathematically cheapest order (see the avalanche calculator for that).
The formula
Pay minimums on everything, throw every extra dollar at the smallest balanceEach month, every debt accrues interest and receives its minimum payment. Any money left over — your extra payment, plus the minimums freed up from debts you've already cleared — goes entirely toward the smallest remaining balance. Once that one hits zero, the next-smallest becomes the target, and so on, so your payoff power grows like a snowball rolling downhill.
A worked example
Two debts: a $3,000 balance at 22% APR (min $90) and an $8,000 balance at 18% APR (min $200), with $150 extra a month. The snowball targets the $3,000 debt first — it clears in just over a year, and its $90 minimum plus the $150 extra then pile onto the $8,000 balance. The full payoff, both debts combined, lands around 32 months and roughly $2,986 in total interest — about $2,900 less than paying only minimums on each, which would take about 30 months (roughly two and a half years) longer.
Notes for the UK, US and India
The debt snowball is popularized for its psychological payoff — clearing a whole balance quickly builds momentum — even though the debt avalanche method (highest rate first) is usually cheaper in pure interest terms. If you know you'll stick with the plan either way, compare both; if you've stalled on debt payoff before, the snowball's early wins are often worth the extra interest.
Frequently asked questions
Snowball or avalanche — which should I use?+
Avalanche (highest interest rate first) saves more money mathematically. Snowball (smallest balance first) tends to keep people motivated because they clear a full debt sooner. If you're confident you'll stay consistent regardless, avalanche wins on cost; if past attempts have stalled, snowball's quick wins may matter more than the extra interest.
What if I have more than three debts?+
Combine your smallest debts into one slot by adding their balances together and using a blended average rate, or work through them in two passes — clear your smallest few first with this calculator, then re-run it with your remaining debts.
Does this account for changing interest rates?+
No — it assumes each debt's rate stays constant for the full payoff period. If you have a variable-rate card or loan, treat the result as an estimate that may shift if rates change.