Understand the result
How the debt snowball method works
The snowball method targets the smallest remaining balance after minimum payments. When that debt disappears, the amount you had been paying toward it rolls into the next-smallest balance.
This calculator keeps your starting monthly debt budget constant instead of reducing the budget each time an account is paid off. That roll-forward is what accelerates the later debts.
Before using a payoff plan
- Confirm minimum payments and APRs from current statements.
- Keep making required minimum payments on every account.
- Check for promotional rates, deferred interest, prepayment penalties, or fees that may change the best order.