Debt Snowball Calculator

a.k.a. “Get Out of Debt Calculator”,
“Loan Payoff Calculator”, and “Credit Card Calculator”

This debt snowball calculator is easy to use and shows you how to eliminate debt more quickly and save a lot in interest by paying a little extra money each month.

With the snowball method, you concentrate on paying off the smallest debt first while continuing to make minimum payments on all the debts. After you pay off the smallest debt, you use the money that you were paying on that debt to pay towards the next higher debt, and so on. Although it may sound a bit complicated, you can see how easy it is when you actually use the debt snowball calculator.

Debt Snowball Calculator

To use the calculator, enter each of your debts separately, starting with the one with the lowest balance first and ending with the highest balance last. Fill in the first column with the name of the creditor, such as "Visa", "MasterCard", or "Car Loan". In the other columns, list the current balance, interest rate, and the minimum payment amount for each debt. (If you are listing a mortgage, only include the principal and interest portion of your payment.)

After entering all of the debts, there is a blank to fill in the dollar amount of extra money that you can pay toward your debts. This should be an amount that you can commit to pay every month.

To see how much you will save, press the “Calculate Results” button. The lower portion of the calculator will display the results with and without the snowball method and the amount of savings in interest and number of payments. At the bottom of the calculator are buttons to create a payment schedule report and a payoff summary report.

Entry ColumnsCalculated Columns
Balance ($)
Rate (%)
Amount ($)
# of Pmts
Enter a monthly dollar amount you can add to your debt payoff plan:
# of Pmts
Current totals: N/A
Debt Snowball Method totals: N/A
Time and interest savings from Debt Snowball Method:

Other Options with the Debt Snowball Calculator

  1. If you can’t pay any additional monthly amount toward your loans, simply leave that field blank. Even without the extra amount, you will still pay off the total debt more quickly using this method. Why? Because once each debt is paid off you can devote the extra money that was freed up to pay toward the next debt.
  2. If you would rather pay off the debt with the highest interest rate, even if is not the smallest debt, simply enter that on the first line. The calculator starts with the debt that is at the top, so you control the order of payoff. You will actually find by starting with the highest interest rate, you will pay off the debts more quickly than if you start with the smallest debt.
  3. You can also use this as a loan payoff calculator to show how long it will take you to pay off one loan. You can put in just the minimum payment or enter the additional amount to see how quickly you can pay off the loan.

The debt snowball calculator should be an encouragement to you. You can get out of debt much more quickly by being disciplined in paying an extra amount on a regular basis. This will put you on a solid path to financial freedom!

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