Snowball and Avalanche can cause different costs (increase in interest payments) depending on the kinds of debt, the size of debt and associated interest rates you have. This Snowball vs Avalanche Calculator/Simulator will allow you to determine the cost of the Snowball Method for paying off debt over the Avalanche Method. For more information behind this calculator you can check out the post I wrote about it Snowball vs. Avalanche: Which one is better for you? Not, which one is best?
If you’re not sure what to enter feel free to click on one of three simulations I’ve added. Two of these are close to scenarios I’ve found on opposing blogs.
| Current set of debts Enter the information about each of your debts. |
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|---|---|---|---|---|---|---|
| Debt | Balance ($) | Minimum Payment | Interest (%) | |||
| Debt 1 | ||||||
Now that we have all the debts entered, we need to know how much you can pay towards your credit Debt each month. Depending on the strategy (snowball/avalange) minimum payments will be applied all debts, all remaining money will
be applied to the single selected Debt (Snowball, the Debt with the lowest balance, Avalanche, the Debt with the highest interest).
| Enter how much money you will be paying towards your debt each month | |
|---|---|
| Amount ($) | |
Now that you have entered all the relevant information you can simulate paying off debt using the Snowball method or the Avalange method
Like with my other calculators I’d love to get feedback on functions and feature. I will continually strive to make these calculators better. I can only do that with your help.
If you liked this one check out some of my other calculators below in the “You may also like…” section or check out my calculator page.
Good luck reaching your financial goals
It’s interesting to see the differences with the two different approaches. Thanks for sharing, my friend.
Thank you. Yes, financially it can differ greatly. It’s harder to quantify the psychological effect of Snowball.
Wow, Mr. MillionIn10! Very impressive tool. It should be in every debtor’s tool chest. I’ve always heard that the Avalanche method was mathematically superior to the Snowball method. Now I have proof. Thanks, again. I’m sending the link to this page to my indebted nephew. He could use the help.
Thank you, yes mathematically avalanche almost always comes out better financially. I will not make a judgement call on the power of psychology surrounding Snowball (Personally I’m more of a math guy).