What the debt snowball method is
The debt snowball is a payoff strategy popularized for its motivation: you pay the minimum on every debt, then throw every spare dollar at your smallest balance first. When it's gone, its payment rolls onto the next-smallest — so your "snowball" grows and payoff accelerates. Quick early wins keep you going.
The avalanche method instead targets the highest interest rate first, which saves the most money mathematically. This calculator does both — switch between them to see the trade-off between motivation and minimum interest.
How to use it
- List each debt with its balance, APR, and minimum payment (edit or add rows as needed).
- Enter any extra you can put toward debt each month.
- Pick Snowball or Avalanche and read your payoff time, total interest, and the exact order your debts disappear.
Snowball vs avalanche — which should you pick?
- Choose snowball if you need momentum — clearing a whole debt early is a powerful motivator.
- Choose avalanche if you want to pay the least interest overall and can stay disciplined without early wins.
- The gap between them is often small — the best method is the one you'll actually stick to.