Debt snowball calculator
Add each debt, choose snowball or avalanche, then enter any extra monthly payment you can put towards debt. The calculator compares both payoff methods.
How to use this calculator: include every debt you want to clear, keep minimum payments realistic, then test different extra payment amounts to see how quickly the debt-free date changes.
Payoff order
This is the order your selected method attacks the debts. Snowball sorts by smallest balance. Avalanche sorts by highest APR.
Snowball vs avalanche comparison
The table compares both methods using the same debts and the same extra monthly payment.
| Method | Debt-free time | Total interest | Typical strength |
|---|---|---|---|
| Debt snowball | — | — | Motivation from quick wins. |
| Debt avalanche | — | — | Often lower interest cost. |
How the calculation works
The calculator simulates the payoff month by month. It adds interest to each active debt, pays the minimum on every debt, then puts the extra payment and any rolled-up cleared minimums towards the current target debt.
each month:
add interest to every active debt
pay minimum payment on every active debt
choose target debt:
snowball = smallest balance
avalanche = highest APR
pay extra payment + rolled cleared minimums to target
when a debt is cleared:
roll its minimum payment into the next target debt
What your result means
The debt-free time shows how long the plan may take if you keep paying the minimums and extra payment consistently. The total interest is an estimate of the interest paid before every debt reaches zero.
Snowball can feel easier to stick with because you clear smaller balances first. Avalanche can be cheaper because it attacks the highest APR first. A mathematically cheaper plan is only useful if it is realistic enough for you to follow.
Compare options before borrowing more
If you are considering consolidation, compare the total cost, fees and repayment term carefully. If repayments are unaffordable, consider free debt advice before taking on more credit.
Snowball vs avalanche: which should you use?
The debt snowball method is behaviour-first. It aims to build momentum by clearing the smallest balances first. This can be helpful if seeing quick progress keeps you motivated.
The debt avalanche method is cost-first. It aims to reduce total interest by clearing the highest APR debt first. This often saves money, especially when one debt has a much higher rate than the others.
Many people choose a hybrid approach: clear one small debt for motivation, then switch to avalanche for the high-interest debts.
What affects your debt-free date?
- Total balance: higher balances take longer to clear.
- APR: higher APR means more interest is added each month.
- Minimum payments: larger minimum payments reduce the balance faster.
- Extra payment: every extra pound can reduce time and interest.
- New borrowing: new debt will delay the plan.
- Missed payments: missed payments can add fees and damage progress.
Debt snowball FAQs
What is the debt snowball method?
The debt snowball method pays minimums on every debt, then puts extra money towards the smallest balance first. When that is cleared, the payment rolls into the next debt.
What is the debt avalanche method?
The debt avalanche method pays minimums on every debt, then targets the highest APR first. It often reduces total interest.
Is snowball or avalanche better?
Avalanche is often cheaper, but snowball can be more motivating. The best method is the one you can follow consistently.
Should I pay minimum payments on every debt?
Yes. Minimum payments help avoid missed-payment issues. The extra payment is then aimed at the target debt.
Can I use this for credit cards and loans?
Yes. Add each credit card, loan, store card, overdraft or finance balance as a separate debt.
Key terms used in this calculator
These glossary terms explain the debt payoff language used on this page.