Debt Snowball Calculator
Use the debt snowball method to pay off debts from smallest to largest balance. Build momentum and stay motivated.
About This Calculator
The debt snowball method focuses on paying off your smallest debts first while making minimum payments on larger ones. This builds momentum and motivation as you eliminate debts quickly.
How It Works:
- List all debts from smallest to largest balance
- Pay minimum on all debts except the smallest
- Put extra money toward the smallest debt
- Roll payments to the next debt once paid off
Frequently Asked Questions
What is the debt snowball method?
Popularized by Dave Ramsey, the snowball method prioritizes paying off the smallest debt first regardless of interest rate. The goal is behavioral - quick wins build momentum to stay motivated.
Is snowball better than avalanche?
The avalanche method saves more in interest, but the snowball method has a higher success rate because of psychological motivation. Choose whichever keeps you committed.