Pay Off Debt Faster with the Debt Snowball Method

Take control of your financial future with our free debt snowball calculator. See how focusing on your smallest debts first can create momentum and help you become debt-free sooner.

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Debt Snowball Calculator

Payment Summary

Total Minimum Payments:$0.00
Extra Payment Amount:$0.00
Total Monthly Payment:$0.00
Est. Monthly Savings with Snowball:~$0.00
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This is the additional amount you'll pay each month beyond the minimum payments. Adding even a small amount can significantly reduce your debt timeline.

Why Use the Debt Snowball Method?

The debt snowball method, popularized by financial expert Dave Ramsey, is a debt reduction strategy where you pay off debts in order of smallest to largest, regardless of interest rate.

How it works:

  1. List all your debts from smallest to largest balance
  2. Make minimum payments on all debts
  3. Put any extra money toward the smallest debt
  4. After paying off the smallest debt, add that payment to the next smallest debt
  5. Repeat until all debts are paid off

Why it's effective:

While mathematically it might make sense to pay high-interest debt first (the debt avalanche method), the debt snowball provides quick wins that keep you motivated. When you see debts disappearing completely, you gain confidence and momentum that helps you stick with the plan until you're debt-free.

Our calculator shows you exactly how the debt snowball method will work for your specific situation, including how much time and money you'll save compared to making minimum payments.