Loan Calculators
Debt Snowball Calculator
Compare the snowball method (smallest balance first) with the avalanche method (highest rate first) across up to four debts.
Debt-free in (snowball)
24 months
- Interest paid (snowball)
- $1,529
- Debt-free in (avalanche)
- 24 months
- Interest paid (avalanche)
- $1,529
- Interest saved by avalanche
- $0
How this calculator works
Pay the minimum on every debt, then direct all spare cash at one target debt until it clears, then roll that payment onward
- snowball
- targets the smallest balance first
- avalanche
- targets the highest interest rate first
Example calculation
Illustrative example — not advice
Worked example — the debt snowball calculator as it loads, using the default figures below.
- 01Enter debt 1 balance: $1,200.
- 02Enter debt 1 rate: 22%.
- 03Enter debt 2 balance: $4,800.
- 04Enter debt 2 rate: 15%.
- 05Enter debt 3 balance: $9,000.
- 06Enter debt 3 rate: 8%.
- 07Enter total monthly payment: $700.
- 08Read the debt-free in (snowball) from the results panel: 24 months.
Debt-free in (snowball): 24 months. Interest paid (snowball): $1,529. Debt-free in (avalanche): 24 months. Interest paid (avalanche): $1,529. Interest saved by avalanche: $0.
These figures come straight from the calculator above running on the values listed, so you can retype them and confirm every number yourself. Change any input and the results update immediately. Illustrative only — not a quote, offer or recommendation.
Important considerations
- Assumes the total monthly payment stays constant and no new borrowing occurs.
- Minimum payments are approximated at 2% of each balance.
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Terms used here
Frequently asked questions
Which method should I use?
Avalanche costs less. Snowball clears accounts faster, which some people find easier to sustain. The gap is often small.
Disclaimer
Legamoney calculators are educational tools. Results are estimates based on the figures you enter and do not constitute financial, tax or legal advice.
Last reviewed 2026-08-01