Calculator
Debt snowball calculator
List what you owe, add whatever extra you can find each month, and see the order to attack them and the date you are done. Smallest balance first, because the early wins are what keep people going.
What this assumes
- Debts are paid smallest balance first, whatever the interest rate. That is the snowball, and the reason is behavioural, not mathematical.
- Every debt keeps getting its minimum. The extra goes at the target debt, and each time one clears, its minimum rolls into the next.
- Interest is worked out monthly on the opening balance at the rate you enter.
- Minimum payments are treated as a fixed amount. Most Canadian credit cards set the minimum as a percentage of the balance, so yours will drift down as you pay it off. Keep paying the original amount and you will finish sooner than this shows.
- No new borrowing, and no rate changes, for the whole plan.
For discussion and education only. I provide financial coaching, not licensed financial, credit or legal advice.
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