Debt Snowball Calculator
Pay off debts smallest to largest to build momentum and motivation with the debt snowball method.
Calculator
Months to payoff
9
Total interest
$116.11
Total paid
$2,116.11
Projection
What is debt snowball?
The debt snowball method, popularized by Dave Ramsey, pays off debts from smallest balance to largest. It prioritizes psychological wins over mathematical efficiency.
Example
With debts of $500, $2,000, and $5,000, you pay minimums on all and throw extra at the $500 debt first, then roll that payment into the $2,000 debt, and so on.
Money-saving tips
- •List debts by balance, not interest rate.
- •Keep paying minimums on every debt throughout.
- •Celebrate each debt payoff to stay motivated.
Common mistakes
- •Forgetting to roll the old payment into the next debt.
Financial definitions
- Snowball method
- Paying debts smallest balance to largest for motivational wins.
Frequently asked questions
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