How a Debt Snowball Calculator Will Help You Pay Off Debt Fast

debt snowball calculator

Debt Snowball Calculator

Debt Snowball Calculator

I have written a lot about how using the Debt Snowball Method has helped me pay off over $100,000 of debt in under two years.  In tandem with the Snowball approach, I have effectively used a debt snowball calculator.  I highly recommend you use this!

There are many different types of calculators you can use (and I will mention some here), but the most important thing is that you list all of your debts so you can constantly see them and stay focused on paying them down.

As far as the best FREE debt snowball calculator options go, I recommend going to vertex42 .  A site devoted to Microsoft Excel templates, spreadsheets, and calendars, has posted  Once you download it, you will see that the file contains two worksheets:

  1. A debt reduction calculator, which allows you to list your debts and all the details about each one.
  2. A payment schedule telling you when to pay each bill.

The spreadsheet does all the math for you.  It also allows you to choose from a variety of snowball methods.  You can use the snowball method that I prefer modified by  Dave Ramsey  his leading book “The Total Money Makeover” where you list debts from smallest to largest.  Or you can use the “high interest first” method (mathematically better, but not sensitive to human behavior in my opinion).  Or you can go for no snowball at all, or even enter your own order.

You can also use online debt snowball calculators like the one at Interest Grows.

For all you smart phone and tablet fans, there are many apps that can help you calculate and order your debts:

Debt Snowball Pro

Debt Tracker Pro

Debt Payoff Pro (the one I use)

Get your debts down where you can see them and put them in an order that works for you.  Tweak your monthly payments to stay on track with your goals and you will pay debt off a lot faster.  It is amazing how much easier it is when the debt snowball calculator does the numbers for you, Good luck!


P.S. Here Is a quick video reference on how to use the free debt snowball calculator





  1. I love fiddling with calculators! I constantly mess with my mortgage calculator to see how many months I have left to pay.
    Holly@ClubThrifty recently posted…Social Workers: No Respect!My Profile

  2. Cool stuff! The calculator geek in me loves playing with new formulas….

    Because highest interest first is best, that’s why I like sites like ReadyForZero. You can get the human behavior issue out of the way without having to use a sub-optimal approach.

    BTW…check out that Alexa rank, Tony! Getting close to 200k. Nice work, dude.
    AverageJoe recently posted…101 Ways to Make Extra Money In Your Spare Time – A ReviewMy Profile

  3. I also created my own payment schedule and budget my money while paying on time. I like your idea of paying debts with high interest first, very practical indeed and could save some money from it.
    Cristina recently posted…How to Pay Off Credit Cards: 6 Fast StepsMy Profile

  4. Strange how we remain at our heart irrational creatures, isn’t it Tony? Like you, the relief of ‘one less debt’ often outweighed the more pressing matter of an extortionate interest rate bleeding me dry; regardless of the intellectual absurdity. But we are not mere machines of predictability, as the field of economics has come to appreciate over the last few decades. Like you say, whatever works to encourage and motivate an individual onwards towards debt freedom is the key.
    Gareth recently posted…Becoming Human: Altruism over EgoismMy Profile

    • Yes Gareth, I agree. What I like most about the calculator (especially on my phone), was that I could jimmy around the numbers and visualize what it would be like to be debt free earlier, etc. It was an amazing motivational tool. As soon a I was aware of my own behaviors, sky was the limit for reaching my goals.

  5. These look like some good calculators! It must be the nerd in me that always likes messing around with them. I echo Joe, you’re rockin’ the Alexa score!
    John S @ Frugal Rules recently posted…Money Saving Gardening Tips From a Frugal MamaMy Profile

  6. I prefer the high interest first, sure it is not ideal psychologically, but you can use those cool calculators to see how many months you save by doing that, and that should bring motivation back.
    Pauline recently posted…Taking a holiday while in debtMy Profile

  7. I can’t say that this is useful for me, and I kind of hope it never will be 😛 As far as I can tell, it seems like a method to send your debt into oblivion, so I’ll definitely be sharing it with others who are in that situation! Have a wonderful day :)
    Nick Goodall recently posted…Integrity vs EasyMy Profile

  8. I love the debt snowball method. It helped me and my wife get out of all our consumer debt within two years.
    Nick @ recently posted…Apply for Every Job You SeeMy Profile

  9. Paying down the highest interest first is the sensible thing but I can see why people pay the smallest balance first instead.

    Just be careful that the interest payments that you calculate from the quoted rate corresponds to the amount you are actually charged. According to Which? magazine in the UK, they found 14 different ways of calculating interest! They can’t all be right – in fact only one is right and it may be used by none of them! I mean, a reasonably competent school child could do a better job!
    John@MoneyPrinciple recently posted…About net worth, value and structureMy Profile

  10. I use excel to track my debt and graph them out. Because of my own personal experiences I don’t know how I feel about Dave Ramsey’s plan, I have plans to illustrate this in the future. However, I do think debt snowballs work and that it is important to follow what works for you.
    Justin@TheFrugalPath recently posted…My 2013 Income ChallengeMy Profile

    • Yes Justin…seems that it is all about what gets the job done. I needed serious rules do get it done. I am a visual learner, so the graphs and apps really helped me!

  11. Whatever gets it killed works great. But, I’m with the highest interest first camp even though it’s a bit of delayed satisfaction. If you’ve got an accelerator that either works at decreasing debt loads or by mounting wealth-building attacks, the highest ROI wins.

    That being said, there’s a huge emotional benefit to just getting it done.

    Love your blog, Tony. thanks for another great post.
    Patrick recently posted…Winning the Long, Slow LotteryMy Profile

    • Thanks Pat! Of all the things I have done, I have NOT looked back and calculated interest rates too much. For me, it is almost a moot point since I was lucky enough to have 0% APR on just about every card! Forgot to mention that…another post, perhaps?

  12. When I was snowballing, I worked my debts (all student loans) from highest interest rate to lowest. It didn’t make a huge difference because I paid them off pretty quick, but I think it’s always smart to do whatever works for you (psychologically the small debt being paid off first for motivation, makes a lot of sense). I think, any calculator or program you can use to make the process easier to understand is a good thing.
    KK @ Student Debt Survivor recently posted…February Goal Progress & UpdatesMy Profile

  13. Vertex42 is wicked… has saved me SO much time in the past :)
    Savvy Scot recently posted…Industrial Accidents cost companies HOW MUCH?My Profile


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