Snowball Calculator

Enter Debt Details

Debt 01


Debt 02


Result Breakdown

Debt Free In Months

To use the debt snowball method you will need to pay more than the minimum payment on only your smallest debt first while continuing to pay minimum payments on the rest of your accounts.

How much extra money can you afford to pay over the minimum payment on your smallest debt?


Can't afford to pay more than the minimum payment? Use this free budget calculator to find extra money so that you can afford to pay above the minimum payment!

Try Budget Calculator

You still have $ remaining in your wallet. You can now use this extra money (or a portion of it) to quickly pay off your debts with the debt snowball method!

Pay $ Extra Per Month
You can save $1,581 interest and pay off your debt 6 months faster

1. Pay off your smallest debt first, putting your extra money toward this debt while continuing to pay your minimum payments on the other accounts. You will be finished with this account on the date shown in the table.

2. Now that the smallest debt is finished, take what you were paying toward that debt, minimum payment and extra money included, and pay this toward the next smallest debt each month. Again, make only minimum payments on the rest of the debts. Continue until this second smallest debt is also paid off.

3. Keep going in this fashion until all your debts are paid off.

Total Principal$
Total Monthly Payment$$
Total Interest To Pay$$
Debt Free Date
Talk to a Debt Counselor for Additional Options

Debt Payoff Order

Debt Snowball Spreadsheet

Say goodbye to having to use an excel spreadsheet. Debt snowball calculators make the job much easier to pay off debt. Ten years ago before we had all this great technology, to use the debt snowball method excel spreadsheets were your best tool. Now you have free calculators like the one above to use.

Definition of the Debt Snowball Method, According to Wikipedia–”a debt-reduction strategy, whereby one who owes on more than one account pays off the accounts starting with the smallest balances first while paying the minimum payment on larger debts. Once the smallest debt is paid off, one proceeds to the next larger debt, and so forth, proceeding to the largest ones last.[1] This method is sometimes contrasted with the debt stacking method, also called the “debt avalanche method”, where one pays off accounts on the highest interest in house rate first.[2][3]”

Example of How Much You Can Save With the Snowball Calculator

Let’s take a closer look, here are the 3 credit cards –

dave ramsey budget calculator image example 1

By paying $600 more than the minimum payment you’ll end up saving $28,283 and getting out of debt 115 months faster with the snowball method –

Pay off debt 115 months faster using Dave Ramsey's snowball method

As you can see this tool is super easy to use. Use the slider above to play with your savings based on how much you can afford to pay above the minimum payment. If you believe you can’t afford to pay anything above the minimum payment think again and try using this budget calculator! 

debt payoff order using the free debt snowball calculator excel spreadsheet tool

If you truly can’t afford to pay your credit card debt, consider a debt relief program. You can choose from multiple plans; debt settlement, consumer credit counseling, and debt validation. Click here to compare your savings on each program by using this debt relief program calculator.

To check debt relief program eligibility call (866) 376-9846

Free Snowball Calculator

Steps to use it:

  1. Simply add each debt inside the calculator above that you want to include in the debt snowball method, including credit cards, auto loan, collection accounts, medical bills, home equity line of credit and whatever accounts you want to include you can.
  2. Prior to using the snowball calculator tool above, start with the budget calculator here.
  3. If you choose to skip the budget calculator and jump right to the snowball calculator you can (just use the slider on the next stage to select how much money you can put towards paying your smallest debt first)
  4. Once you complete your budget you will automatically be directed to the snowball calculator and all of the figures from your budget will be used to help the snowball calculator personalize a plan for you to get out of debt quickly.
  5. If you are not happy with the results and need to get out of debt even faster, at any time you can click back on the budget calculator and attempt to lower whatever expenses can be lowered (e.g. maybe you can cut down your electric bill by keeping the air conditioner off when you leave the house, lower the funds used towards entertainment, eliminate a recurring subscription plan, reduce your cable package)
  6. Let the calculator work its magic! Please do share feedback with us by emailing (info @ Golden FS . org)


This free debt snowball calculator tool is super easy to use, does not require you to link your bank account or credit card accounts, and there is no sign up required! The snowball calculator is one of the most effective tools online to help consumers quickly pay off debt.


Academic studies have proven the debt snowball method to be the quickest way to pay off credit card debt and improve credit scores. Psychological principles guide the methodology behind the snowball method, using the brain’s dopamine as it’s number one source of fuel to push the throttle and motivate a person to continue working towards becoming debt-free. In short, it’s the fastest path to getting your first debt paid in full, which will then accelerate you to paying off the second, third, and eventually becoming debt-free.


After paying off your first debt the dopamine in your brain kicks in telling you “wow that feels good, it worked! Let’s pay off another debt now!” Not only that, but each time you pay off a debt more and more momentum builds up, and you have a more significant chunk of available cash-flow (similar to how a snowball builds in size as you roll it) to aim at paying off the next debt in line.


A step in advance of the debt snowball method is to use the budget calculator here. By making a budget analysis prior to using the debt snowball calculator you will be able to easily see all of your expenses. Why is this important? In order to use the snowball method, you need to find extra money. To find the extra money you need to see all of your expenses clearly. You can then scroll down and find ways to reduce your expenses, increasing your available cash-flow. As you increase your available cash-flow you can use that money to put towards paying off your smallest debt.


You can easily go back and forth between the snowball and budget calculator to make adjustments and results will show in real-time.


Why not attack the most expensive account first, the one with the highest interest rate?


The debt avalanche method is when you focus on paying off your account with the highest interest rate first. The problem is that sometimes the account with the highest interest rate also has a large balance so you can be paying on it for several years before finally getting results, often leading to consumers quitting before reaching the finish line, due to lack of momentum. If you do have the mental will power to tough it out and make it to the finish line using the debt avalanche method then you will likely end up saving more than if you used the snowball route.


The debt snowball and avalanche method are both great methods to use to quickly pay off your bills. Figure out which route you want to take, fully educate yourself on the process of how it works and then stick to it!

Snowball Alternatives

Consolidate With a Loan vs. Debt Snowball

Consolidating your debt with a loan typically has a five year payoff period at a fixed rate. If you can get a loan with an interest rate of 18%-20%, the monthly payments would be approximately $570-$580, or about $6–$7 a month more than the snowball route.

However, the debt would be paid off in five fewer months at a total cost of around $34,000.

That means a savings of more than $1,900.

Consumer Credit Counseling vs. Debt Snowball

A debt management program (also known as consumer credit counseling) works when credit counselors work with your credit card companies to reduce the interest rate on each credit card and arrange a monthly payment schedule the consumer can afford. There also is a monthly fee involved in debt management plans that can be up to $50 per month.

The projected interest rate reductions for this example were 8% for card #1; 12% for card #2; 10% for card #3 and 8% for card #4. As one card gets paid off, that money is allocated to the card with the highest APR.

The monthly payment, including fees, would be $514 a month and the debt would be eliminated in just under five years. The total amount paid would be just over $30,700.

That is approximately $5,000 less than what would be paid in the debt snowball method and around $3,500 less than what would be paid through a debt consolidation loan.