Free Debt Snowball Calculator

1. Automatically Adds Your Debts (Optional): One of the most difficult things about debt snowball calculators is having to add all your creditors, so to make it easier on you, you can request a free soft credit check (does not affect your credit report or score - source: Experian) and the snowball calculator will automatically add your creditors into the calculator.
2. Free Snowball Debt Payoff Planner (Optional): With a click of a button, you can then import all your debts into the free Savvy Debt Payoff planner that can now help you manage those debts and get you out of debt cheaper, easier and faster!
3. Manually Add Your Debts:  If you prefer to add your debts manually, you can do that as well.

How to Calculate Your Debt Snowball Manually

If you're drowning in debt and don’t know where to start, the debt snowball method might be just what you need. It’s a straightforward, motivating way to pay off your debt—one account at a time.

And the best part? You can calculate it by hand. No fancy apps or spreadsheets required. Just a pen, paper, and a little focus.

Let’s walk through how to do it step-by-step.

What Is the Debt Snowball Method?

Before we get into the math, here’s what the debt snowball method actually is.

With this method, you:

• List all your debts from smallest balance to largest balance (ignore the interest rate for now).
• Pay the minimum payment on every debt.
• Throw any extra money you can find at the smallest debt first.
• Once that’s paid off, you take what you were paying on that one and roll it into the next smallest debt.
• You keep repeating this until you’re completely debt free.

It’s called a “snowball” because your payments grow like a snowball rolling downhill—getting bigger and more powerful as you go.

Step 1: List Your Debts from Smallest to Largest

Write down every debt you owe. Include credit cards, personal loans, medical bills, or anything with a balance. Leave out your mortgage.

For each debt, write:

• Name of the lender (e.g., “Capital One card”)
• Total balance
• Minimum monthly payment

Example:

Step 2: Find Extra Money in Your Budget

How much extra money can you throw at debt each month? This could come from cutting expenses, a side hustle, or even selling something you no longer use.

Let’s say you find an extra $200 per month.

Step 3: Start the Snowball

Now, start applying that extra $200 to your smallest debt on top of its minimum payment. Keep paying only the minimums on the others.

Using our example, here’s how that looks:

• Credit Card A: $30 minimum + $200 extra = $230 total
• Medical Bill: $50 minimum
• Credit Card B: $90 minimum
• Car Loan: $150 minimum

After just three months, Credit Card A is paid off ($500 / $230 = ~2.2 months).

Step 4: Roll the Payment Into the Next Debt

Once Credit Card A is gone, take that $230 and add it to the next smallest debt—your Medical Bill.

Now your new payment looks like this:

• Medical Bill: $50 minimum + $230 = $280 total
• Credit Card B: $90 minimum
• Car Loan: $150 minimum

The Medical Bill is $1,200. At $280 a month, you’ll knock that out in about 4.3 months.

Step 5: Repeat Until You’re Debt Free

After you pay off the Medical Bill, roll that $280 into the next debt. Now you’re throwing $280 + $90 = $370/month at Credit Card B.

And when that’s gone, your snowball grows to $370 + $150 = $520/month for the car loan.

By the end, you’re hitting your largest debt with a payment that's 5x bigger than what you started with.

Why Does Dave Ramsey Love the Debt Snowball?

If you’ve ever listened to Dave Ramsey or read one of his books, you’ve probably heard him talk about the debt snowball method, and for good reason. Dave Ramsey is one of the biggest advocates of this strategy because it works for real people, not just on paper.

So why does Dave Ramsey love the debt snowball so much?

It’s all about behavior change, not just math.

While some experts suggest paying off debts with the highest interest rates first (called the “debt avalanche”), Ramsey says most people don’t stay motivated long enough to finish. That’s where the debt snowball shines.

By paying off the smallest debt first, you get a quick win. That win gives you confidence, energy, and motivation to keep going. According to Ramsey, personal finance is 80% behavior and only 20% head knowledge. So giving people an emotional victory early on helps them stick to the plan—and finish it.

Plus, the debt snowball is simple and easy to follow. You don’t need to be good at math or use complicated spreadsheets. You just list your debts from smallest to largest, make minimum payments on everything, and throw all your extra cash at the smallest one. That simplicity is what makes it so popular among his listeners and readers.

In short, Dave Ramsey loves the debt snowball because it helps people take action, build momentum, and finally break free from debt—even if the interest math isn’t perfect. For him, results matter more than theory—and the debt snowball delivers results.

Final Tips

• Don’t add new debt. You’ll undo your progress.
• Keep a simple tracker. Even just crossing out debts on a paper list can feel amazing.
• Celebrate small wins. Paid off a card? That’s a victory. Treat yourself to a $5 coffee (not a new loan).

In Summary

To manually calculate your debt snowball:

1. List all debts from smallest to largest.
2. Pay minimums on everything.
3. Put all extra money toward the smallest one.
4. When that’s gone, roll that full amount into the next debt.
5. Repeat until you're debt free.

It's that simple.

If you want help figuring out your best strategy, including other options like debt management or settlement, we built a free calculator that compares everything for you in minutes—no pressure, just clarity.