Debt snowball calculator
The debt snowball calculator illustrates the power of additional regular debt repayments used to knock off your debts like dominos, with the freedom to choose which debt to attack first. Jump to calculator.
What is a debt snowball?
The traditional debt snowball method is a debt-reduction strategy where you pay off debt in order of smallest balance to largest balance, gaining momentum as you knock out each balance. When the smallest debt is paid in full, you roll the minimum payment you were making on that debt into the next-smallest debt payment.
Sometimes focusing on the smallest debt first is not the best strategy. That’s why our calculator gives you the flexibility to test other strategies.
The Debt Avalanche
Unlike the debt snowball, which focuses on the size of the loan, the debt avalanche focuses on the interest rate.
Under the debt avalanche the loan with the highest interest rate is prioritised first. When the debt with the highest rate is paid in full, you roll the minimum payment you were making on that debt into the next-highest rate loan until then are all gone.
Tailored Approach
Not happy with the debt snowball or the debt avalanche? Not a problem, simply pick your own order to attack the debts! Our calculator lets you prioritise the debts in any order you like.
Input your details
What you owe over time
Your total balance is the shaded area; the interest charged each month sits on the right-hand scale.
Your payoff order
Each debt keeps paying its minimum. Everything spare goes to the one at the top, then rolls down as each is cleared.
| Debt | Balance | Rate | Interest paid | Months | Cleared by |
|---|
Brad Buters
Managing Director | Financial Adviser
Helping Australians achieve financial independence.
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