Free Debt Snowball Calculator
Calculate how fast you can become debt-free using the snowball method -- targeting the smallest balance first.
Months to Pay Off
51 months
Months to Pay Off vs Total Monthly Payment
Debt Snowball Method
Popularized by Dave Ramsey, the snowball method pays off debts from smallest balance to largest.
How It Works
1. List debts from smallest to largest balance 2. Make minimum payments on everything 3. Throw all extra money at the smallest debt 4. When the smallest is gone, roll that payment into the next 5. The payment amount "snowballs" as each debt is eliminated
Why It Works Psychologically
Quick wins provide motivation. Seeing debts disappear early keeps you committed to the plan.
Example Calculation
$30,000 total debt across 5 accounts at 15% average, paying $800/month.
- 01Monthly rate = 15% / 12 = 1.25%
- 02Months to payoff = -ln(1 - $30,000 x 0.0125 / $800) / ln(1.0125) = 49 months
- 03Total paid = $800 x 49 = $39,200
- 04Total interest = $39,200 - $30,000 = $9,200
- 05First small debt paid off in approximately 3 months
Frequently Asked Questions
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