Debt Snowball Calculator Canada

It's a repayment strategy that pays off the smallest debt balance first while making only minimum payments on your other debts. Once the smallest debt is cleared, the payment that was going toward it rolls into the next-smallest balance, creating momentum from a series of quick wins.

Yes. Every debt gets its minimum payment every month regardless of the snowball order. Only the extra amount you specify — plus any lump sum you add — goes toward accelerating the smallest remaining balance.

The debt avalanche method (highest interest rate first) minimizes total interest paid mathematically. The snowball method usually costs slightly more in interest but builds motivation through faster visible progress, which is why many people find it easier to stick with. Enable 'Compare Against Debt Avalanche' to see both outcomes side by side.

Yes. Enter the amount and the month you expect to receive it, and the calculator applies it entirely to whichever debt is currently the smallest remaining balance at that point in the payoff plan.

Enter up to three debts — such as credit cards, personal loans, or lines of credit — each with its own balance, interest rate, and minimum payment. If you have more than three debts, run the calculator again grouping smaller balances together, or track additional debts separately.