Iterative Debt Snowball Payoff Calculator
Enter your total debt, average interest rate, number of debts, and extra monthly payment to simulate a snowball-style payoff plan month by month.
About this calculator
Simulate paying off multiple debts using the snowball method, month by month, to see your total payoff time and interest paid.
Frequently Asked Questions
What is the debt snowball method?
The debt snowball method focuses extra payments on your smallest debt first while making minimums on others, then rolls the freed-up payment into the next debt once each is paid off. This calculator approximates the aggregate payoff timeline assuming combined balances and average rate.
Why does this use an average interest rate instead of individual debts?
This simplified version treats all your debt as one pool with a blended average rate to quickly estimate total payoff time and interest, rather than requiring entry of every individual account.
What if my payment doesn't cover the interest?
If your total payment is less than or equal to the monthly interest accrued, the balance will never decrease — you'll need to increase your payment amount.