Debt Consolidation / Snowball Calculator
Enter up to three debts, along with each balance, APR (annual percentage rate), and minimum monthly payment. Also enter how much extra you can pay each month to speed up payoff. This calculator applies the “Snowball” method: it directs all extra money to the smallest balance first, while paying minimums on the others. Once a debt is paid off, that money shifts to the next smallest balance, and so forth.
| Month | Debt Name | Payment | Interest | Principal | Remaining |
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About Our Debt Consolidation / Snowball Calculator
This tool applies the popular Snowball Method to help you pay off multiple debts. Simply enter up to three debts (name, balance, APR, minimum payment), along with any additional monthly amount you can contribute. The calculator will apply your extra funds to the smallest debt first (while paying minimums on the rest). Once that smallest debt is paid, it rolls those freed funds into the next smallest debt, and so forth until all debts are cleared.
Key Steps in the Snowball Method:
- 1. Make minimum payments on all debts, direct any extra to the debt with the smallest balance.
- 2. When the smallest debt is paid off, re-allocate its payment + extra to the next smallest.
- 3. Repeat until all debts are gone, accelerating your payoff timeline.
You can also try the “avalanche” approach (not shown here) by targeting the highest APR first. For more finance calculators, visit Apex Calculator.