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Debt Snowball Calculator

Tackle multiple debts using the snowball method. Track your progress and see the momentum build as each balance reaches zero.

Step 2: The Strategy

Educational Disclaimer

Wyzfin calculators and guides are for educational and informational purposes only. They do not constitute financial, tax, or legal advice. The results provided are estimates based on user input and general assumptions. Every financial situation is unique; always consult with a qualified professional before making significant financial decisions.

Your Debts

$200

This is the extra cash you throw at your smallest debt every month.

Debt-Free In
2 yrs 11 mos
(35 total months)
Total Interest Paid
$2,175

Payoff Order

1Credit Card A ($2,500)
2Student Loan ($8,000)
3Car Loan ($12,000)

Remaining Balances Over Time

Your 3-Step Path to Debt Freedom

Follow this roadmap to eliminate your debt and stay debt-free for good.

1

Estimate Your Date

Find out exactly when you'll be debt-free based on your current payments.

Go to step
2

Choose a Strategy

Plan your payoff for multiple debts using the Snowball or Avalanche method.

You are here
3

Build Your Budget

Allocate more cash to your goals using the 50/30/20 framework.

Go to step

What Is the Debt Snowball Method?

The debt snowball method is a debt-reduction strategy where you pay off debts in order of smallest balance to largest balance, regardless of interest rate. You pay the minimum on all debts except the smallest one, which you attack with any extra money you can find.

Once the smallest debt is gone, you take the money you were paying on it and roll it into the next smallest debt. Like a snowball rolling down a hill, your payments get bigger and faster as each debt is eliminated.

Snowball vs Avalanche: Which is right for you?

Debt Snowball

Focuses on behavioral momentum. By clearing small balances first, you get psychological "wins" that keep you motivated.

Debt Avalanche

Focuses on mathematical efficiency. By clearing high-interest debt first, you save the most money over time.

How to Start Your Debt Snowball

  1. Inventory your debt: List all balances from smallest to largest.
  2. Automate minimums: Ensure every debt gets its minimum payment every month.
  3. Aggressive focus: Direct all extra cash toward the smallest balance.
  4. The Roll: When a debt is cleared, add its entire previous payment to the next one.

Common Questions

Do I include my mortgage?

Typically, no. The snowball is most effective for "consumer debt" (credit cards, medical bills, student loans). Mortgages are usually handled in a separate phase once consumer debt is gone.

What about my emergency fund?

Most financial experts recommend saving a "starter" emergency fund (usually $1,000 to $2,000) before starting the snowball. This ensures an unexpected car repair doesn't force you back into debt.

Build your momentum today.

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