The Debt Snowball method is a debt reduction strategy where you pay off debts in order from smallest balance to largest. Once the smallest debt is paid off, you take the money you were paying on that debt and add it to the minimum payment of the next smallest debt. This creates a "snowball" effect, allowing you to pay off subsequent debts faster.
This calculator helps you visualize and plan your debt snowball strategy. Enter your debts below, along with any extra amount you can commit to paying each month, and see how quickly you can become debt-free!
Your Debts
.debt-snowball-calculator-container {
font-family: 'Segoe UI', Tahoma, Geneva, Verdana, sans-serif;
max-width: 900px;
margin: 20px auto;
padding: 25px;
border: 1px solid #e0e0e0;
border-radius: 8px;
background-color: #ffffff;
box-shadow: 0 4px 12px rgba(0, 0, 0, 0.05);
color: #333;
}
.debt-snowball-calculator-container h2, .debt-snowball-calculator-container h3, .debt-snowball-calculator-container h4 {
color: #2c3e50;
margin-top: 20px;
margin-bottom: 15px;
border-bottom: 1px solid #eee;
padding-bottom: 5px;
}
.debt-snowball-calculator-container p {
line-height: 1.6;
margin-bottom: 15px;
}
.calculator-form .input-group {
margin-bottom: 15px;
}
.calculator-form label {
display: block;
margin-bottom: 8px;
font-weight: bold;
color: #555;
}
.calculator-form input[type="number"],
.calculator-form input[type="text"] {
width: calc(100% – 22px);
padding: 10px;
margin-bottom: 10px;
border: 1px solid #ccc;
border-radius: 4px;
box-sizing: border-box;
font-size: 16px;
}
.debt-row {
display: flex;
flex-wrap: wrap;
gap: 10px;
margin-bottom: 15px;
padding: 10px;
border: 1px solid #f0f0f0;
border-radius: 5px;
background-color: #fdfdfd;
align-items: center;
}
.debt-row input {
flex: 1;
min-width: 120px;
}
.debt-row button {
background-color: #e74c3c;
color: white;
border: none;
padding: 10px 15px;
border-radius: 4px;
cursor: pointer;
font-size: 14px;
transition: background-color 0.2s ease;
}
.debt-row button:hover {
background-color: #c0392b;
}
.calculator-form button {
background-color: #3498db;
color: white;
border: none;
padding: 12px 20px;
border-radius: 4px;
cursor: pointer;
font-size: 16px;
margin-top: 10px;
margin-right: 10px;
transition: background-color 0.2s ease;
}
.calculator-form button:hover {
background-color: #2980b9;
}
.calculator-form button:last-of-type {
margin-right: 0;
}
.calculator-result {
margin-top: 30px;
padding: 20px;
border: 1px solid #dcdcdc;
border-radius: 8px;
background-color: #f9f9f9;
}
.calculator-result h3, .calculator-result h4 {
color: #2c3e50;
margin-top: 0;
}
.calculator-result p {
font-size: 1.1em;
margin-bottom: 10px;
}
.calculator-result table {
width: 100%;
border-collapse: collapse;
margin-top: 20px;
}
.calculator-result table th,
.calculator-result table td {
border: 1px solid #ddd;
padding: 10px;
text-align: left;
font-size: 0.9em;
}
.calculator-result table th {
background-color: #f2f2f2;
font-weight: bold;
color: #333;
}
.calculator-result table tr:nth-child(even) {
background-color: #f8f8f8;
}
.calculator-result table tr:hover {
background-color: #f1f1f1;
}
@media (max-width: 768px) {
.debt-row {
flex-direction: column;
align-items: stretch;
}
.debt-row input {
width: 100%;
margin-bottom: 5px;
}
.debt-row button {
width: 100%;
margin-top: 5px;
}
.calculator-form button {
width: 100%;
margin-right: 0;
margin-bottom: 10px;
}
}
var debtRowCounter = 3; // Start after initial example rows
function addDebtRow() {
debtRowCounter++;
var debtInputsDiv = document.getElementById('debtInputs');
var newDebtRow = document.createElement('div');
newDebtRow.className = 'debt-row';
newDebtRow.id = 'debtRow' + debtRowCounter;
newDebtRow.innerHTML = `
`;
debtInputsDiv.appendChild(newDebtRow);
}
function removeDebtRow(buttonElement) {
var debtRow = buttonElement.parentNode;
debtRow.parentNode.removeChild(debtRow);
}
function calculateSnowball() {
var extraPayment = parseFloat(document.getElementById('extraPaymentAmount').value);
if (isNaN(extraPayment) || extraPayment < 0) {
alert("Please enter a valid extra payment amount (0 or greater).");
return;
}
var debtRows = document.querySelectorAll('.debt-row');
var debts = [];
var originalDebtOrder = []; // To maintain display order
for (var i = 0; i < debtRows.length; i++) {
var row = debtRows[i];
var nameInput = row.querySelector('.debt-name');
var balanceInput = row.querySelector('.debt-balance');
var minPaymentInput = row.querySelector('.debt-min-payment');
var name = nameInput.value.trim();
var balance = parseFloat(balanceInput.value);
var minPayment = parseFloat(minPaymentInput.value);
if (name === "") {
alert("Please enter a name for all debts.");
return;
}
if (isNaN(balance) || balance <= 0) {
alert("Please enter a valid current balance (greater than 0) for " + name + ".");
return;
}
if (isNaN(minPayment) || minPayment < 0) {
alert("Please enter a valid minimum payment (0 or greater) for " + name + ".");
return;
}
debts.push({ name: name, balance: balance, minPayment: minPayment, originalBalance: balance });
originalDebtOrder.push({ name: name, originalBalance: balance }); // Store for consistent table headers
}
if (debts.length === 0) {
document.getElementById('snowballResult').innerHTML = "Please add at least one debt to calculate.";
return;
}
// Create a deep copy of debts for simulation and sort by balance
var simulationDebts = debts.map(function(d) {
return { name: d.name, balance: d.balance, minPayment: d.minPayment };
});
simulationDebts.sort(function(a, b) {
return a.balance – b.balance;
});
var totalMonths = 0;
var totalPaid = 0;
var paymentSchedule = []; // Stores monthly details
var currentSnowballAmount = extraPayment;
var allDebtsPaid = false;
var maxMonths = 1200; // Cap at 100 years to prevent infinite loops
while (!allDebtsPaid && totalMonths < maxMonths) {
totalMonths++;
var monthDetails = { month: totalMonths, payments: {}, remainingBalances: {} };
var monthlyTotalPayment = 0;
// Find the current target debt (smallest balance remaining)
var targetDebtIndex = -1;
for (var i = 0; i 0) {
targetDebtIndex = i;
break;
}
}
if (targetDebtIndex === -1) { // All debts are paid
allDebtsPaid = true;
break;
}
// Apply payments for this month
for (var j = 0; j < simulationDebts.length; j++) {
var debt = simulationDebts[j];
if (debt.balance <= 0) {
monthDetails.payments[debt.name] = 0;
monthDetails.remainingBalances[debt.name] = 0;
continue;
}
var paymentThisDebt = 0;
if (j === targetDebtIndex) { // This is the current target debt
paymentThisDebt = Math.min(debt.balance, debt.minPayment + currentSnowballAmount);
} else { // Other debts just pay minimum
paymentThisDebt = Math.min(debt.balance, debt.minPayment);
}
debt.balance -= paymentThisDebt;
totalPaid += paymentThisDebt;
monthlyTotalPayment += paymentThisDebt;
monthDetails.payments[debt.name] = paymentThisDebt;
monthDetails.remainingBalances[debt.name] = Math.max(0, debt.balance); // Ensure balance doesn't go negative
if (debt.balance <= 0 && j === targetDebtIndex) {
// This debt was paid off this month, and it was the target debt.
// Its minimum payment now rolls into the snowball.
currentSnowballAmount += debt.minPayment;
}
}
paymentSchedule.push(monthDetails);
// Check if all debts are paid after this month's payments
allDebtsPaid = simulationDebts.every(function(d) { return d.balance <= 0; });
}
// Display results
var resultHtml = "
Debt Snowball Plan Summary
";
if (allDebtsPaid) {
resultHtml += "Congratulations! All your debts can be paid off in " + totalMonths + " months.";
resultHtml += "Total amount paid: $" + totalPaid.toFixed(2) + "";
} else {
resultHtml += "Could not pay off all debts within " + maxMonths + " months with the given payments. Please review your inputs or consider increasing your extra payment.";
}
resultHtml += "
";
var currentMonthTotal = 0;
originalDebtOrder.forEach(function(originalDebt) { // Use original debts order for consistent column display
var debtName = originalDebt.name;
var payment = monthData.payments[debtName] !== undefined ? monthData.payments[debtName] : 0;
var balance = monthData.remainingBalances[debtName] !== undefined ? monthData.remainingBalances[debtName] : originalDebt.originalBalance; // Fallback for initial balance if not yet paid
currentMonthTotal += payment;
resultHtml += "
The Debt Snowball method is a popular debt repayment strategy championed by financial experts like Dave Ramsey. It focuses on psychological wins to keep you motivated on your debt-free journey.
How it Works:
List Your Debts: Gather all your debts (credit cards, personal loans, car loans, student loans, etc.) and list them from the smallest outstanding balance to the largest, regardless of interest rate.
Minimum Payments: Make the minimum payment on all debts except for the one with the smallest balance.
Attack the Smallest Debt: Throw every extra dollar you can find at the debt with the smallest balance. This includes your "extra payment amount" and any money you can free up from your budget.
Snowball Effect: Once the smallest debt is completely paid off, you take the money you were paying on that debt (its minimum payment plus any extra you were adding) and apply it to the next smallest debt. This larger payment creates a "snowball" that helps you pay off the next debt even faster.
Repeat: Continue this process, rolling the payments from paid-off debts into the next smallest debt, until all your debts are gone!
Why Choose Debt Snowball?
Motivation: Paying off the smallest debt quickly provides a psychological boost and a sense of accomplishment, which can be crucial for staying motivated on a long debt-free journey.
Simplicity: It's easy to understand and implement, making it accessible for everyone.
Momentum: The "snowball" effect builds momentum, making each subsequent debt feel easier to tackle.
While the Debt Avalanche method (paying off highest interest rate debts first) can save you more money in interest over time, the Debt Snowball's focus on quick wins often leads to greater adherence and success for many individuals.