budget living

Free Debt Snowball Calculator

So, your debt is getting out of control.

Maybe you are struggling to make regular payments, or you cannot keep straight all the different debts you have lined up.

Regardless of what the issue is, you know it is time for some organization and a great game plan. It is time to finally pay off that debt.

This free debt snowball calculator may be the answer to your prayers when it comes to paying off that unwanted debt. It will even allow you to create a payment schedule and a payoff summary.

First, let’s chat about the basics.

We refer to it a debt snowball because as you pay off one debt, your payments switch over to the others, one at a time, creating a snowball effect. Similar to a snowball, as the payments roll over, they gain speed and become even more effective. Before you know it, all of your debts will be paid off at last and you will be financially free.

What to Do:

First, order all of your debts in order from steepest interest rates to lowest interest rates. You want to start with the debts that have the largest interest rates so that you save money in the long run. List out a title for each, the balance, interest rates, and minimum payments.

If you prefer, you can always change the order of the debts to whatever works best for your situation. If you know that you could use a little more encouragement at the beginning, consider ordering your debts from smallest balance to largest. As you knock off the first few small debts, you will find satisfaction and increased motivation. It is very rewarding to be able to mark debts off of your list quickly.

Once you have your debts lined up and in order, add a monetary amount that you can afford to add each month towards your accelerated debt payoff plan. Cutting expenses may be vital in your journey towards debt removal.

Calculate how much you can specifically afford to put towards each individual debt at the end of each month. Any extra money should go towards paying off the debts that are at the top of your list. They are your first priority. After your monthly amount is entered, press the button to calculate your snowball debt.


As you are paying off the money that you owe, be very careful not to dig yourself into deeper debt. Cut expenses where possible, be frugal when necessary, and make healthy financial decisions. Do not allow yourself to fall deeper into debt.

Make sure that you stick to your plan, even when it is tough to do so. Do not be tempted to ignore your debt payment plan for the month so that you can go on vacation, see your favorite band in concert, or eat out on the weekends. Emergencies may come up, but seeing T-Swift perform live is not an emergency, regardless of what your friends may say. Persistence and self-control will take you a long way on your journey to financial freedom. A debt free lifestyle will not come easily, but it will be worth the sacrifice and hard work that it takes.

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