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Debt Snowball Calculator: Months to Debt-Free

Use this debt snowball calculator to plan the fastest psychological path out of debt: pay smallest balances first while making minimums on the rest.

$
%
$
$
Months to debt-free0
Debt-free date—
Total interest paid$0
Total paid$0
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How this calculator works

This calculator uses the weighted-average approach: total balance, weighted-average APR, total minimums, plus your extra-payment budget. The "snowball" effect — rolling each paid-off debt's minimum into the next — is captured automatically by keeping the total payment fixed even as individual debts disappear.

n = −log(1 − r × P / pmt) / log(1 + r)
P
Total starting balance
r
Monthly rate (APR / 12)
pmt
Total monthly payment (minimums + extra)

Snowball vs avalanche: The snowball method (smallest balance first) typically pays slightly more total interest than the avalanche method (highest APR first), but it produces faster psychological wins. For a real person carrying 4 cards, the snowball wins more often because they actually finish.

Source: Standard amortization formula. CFPB on debt-payoff strategies — CFPB debt collection & payoff guidance.

FAQ

Snowball or avalanche — which actually saves more?
Avalanche (highest APR first) mathematically saves more interest. But research from Northwestern Kellogg (Gal & McShane, 2012) shows snowball borrowers are more likely to actually finish — and a finished snowball beats an abandoned avalanche every time. Pick the one you'll execute.
Should I keep saving while I snowball debt?
Yes — keep a small starter emergency fund ($1–2K) intact while attacking debt. Without it, the next car repair or medical bill goes straight back onto a credit card and you've gone backwards. Once high-rate debt is cleared, redirect the snowball payment into building a full 3–6 month emergency fund.
How does the debt snowball method work?
List all your debts smallest balance to largest. Pay the minimum on every debt EXCEPT the smallest, where you throw all your extra cash. When the smallest is gone, take that monthly payment and roll it into the next-smallest. Each payoff frees up more cash for the next.
Snowball vs avalanche — which is faster?
Avalanche is mathematically faster — it minimizes total interest paid, saving $200-$1,000 over snowball on most portfolios. But snowball has a higher completion rate because the early small-balance wins keep you motivated. The best method is the one you actually finish.
How much extra should I throw at debt each month?
Aim for at least 10% of take-home pay if you have any high-interest debt. The classic approach: minimum payments on everything + 100% of any windfall (tax refund, bonus, side hustle) goes to the snowball target until it is gone. Do not sacrifice your emergency fund — keep $1,000-$2,000 liquid.
Should I include my mortgage in the debt snowball?
Usually no. Mortgages are low-rate (often below 5%), tax-deductible (if you itemize), and amortize over 30 years — different category from consumer debt. The snowball is designed for credit cards, auto loans, student loans, personal loans. Tackle the mortgage AFTER all higher-rate debt is cleared.
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