Debt Snowball Calculator

This calculator works out how fast you can become debt free using the snowball method, where you list every debt and put all your spare cash towards clearing the smallest balance first. Enter up to four debts, each with its balance, interest rate and minimum payment, then add the extra amount you can afford to pay each month. The calculator ranks your debts smallest to largest, applies interest monthly, and rolls each cleared debt's payment onto the next smallest balance once it is paid off, so your snowball payment grows every time a debt disappears. It returns the time until you are debt free, the total interest paid, the total amount paid including principal and interest, and the payoff order showing which debt clears first, second, and so on. Use it to see how much extra you need to find to hit a target payoff date, or to compare how a bigger extra payment shortens the timeline and cuts interest. The snowball trades a little extra interest, compared with paying off the highest rate first, for the motivation of clearing whole debts quickly, which many people find easier to stick to. Figures are based on what you enter and assume no new borrowing or missed payments, so treat the results as an indicative guide rather than an exact figure from your lender.

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