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Best Free Debt Snowball Payoff Calculator App for 2023

Looking for a free debt snowball calculator? I’ve seen the other tools out there and I firmly believe that this is the absolute BEST free debt snowball calculator out there.

With this free debt snowball calculator, you can:

  • Enter up to 16 debts
  • Enter interest rates and minimum payments for each debt
  • Put in the extra payments you’re looking to make each month
  • And, you can even put in an up-front payment if you have a stash of cash that you want to pour at your debt immediately!

[Update in October 2020: The tool now has a debt snowball CHART so you can print and track your progress visually! The chart can be found on the 2nd tab of the downloaded file. Check out the image below for a sneak peek!!]

debt snowball chart

There’s no other tool quite like this. It’s been featured on Rockstar Finance, LifeHacker, and Business Insider…and perhaps many others that I don’t even know about!

I’m absolutely humbled by how many people have used this calculator and come to love it. Moreover, I’m taken back by those that have tried this debt snowball calculator and then just immediately started slaying their debts!! You wouldn’t believe how many people email me after they’ve paid their final debt and then thank me repeatedly for this free tool. 

This free debt snowball calculator is built for you. Use it and slay your debts like all the others. You’ll never regret it!

The Free Debt Snowball Calculator Download

Here’s the link to download the free debt snowball calculator.

Once you click the link, you should see the download appear in the lower left-hand corner of your computer. Then, you simply click it, choose to open the file, and start inputting your numbers so you can see your results! Awesome, right??

Sidebar…If the above FREE tool doesn’t have enough columns for your debt, we made some even BIGGER templates! One can hold up to 16 debts and the other has room for 32 debts! Check them out by clicking the icons below!!

Debt snowball excel template for up to 16 debts

Debt snowball excel template for up to 32 debts

Oh, and if you’re curious about how the debt snowball pays off vs the debt avalanche, you might want to check out this tool where you can see the payoff journey for each method side by side! The debt snowball vs debt avalanche excel spreadsheet! Check it out!

Debt Snowball vs Debt Avalanche excel spreadsheet - Etsy purchase icon

Related: Debt Snowball vs Avalanche Excel Spreadsheet (FREE Small Calculator!!)

Don’t have Excel? Try this instead:

  • Click the link above and save the file on your computer
  • Then, open Google Drive
  • Click “New” in the upper left
  • Then click “File Upload” 

google sheets free debt snowball calculator

  • Find the debt snowball calculator file you just uploaded and saved. Select it, then click “Open”
  • It will show up on the bottom-right of your screen, click it
  • And then once it opens, at the top of the file select “Open with Google Sheets”

How Does the Debt Snowball Work?

When you open the file, you should see a page like the one below.

free debt snowball calculator

There are instructions in the file, but putting in your numbers really couldn’t be easier. Wherever there’s a peach cell, that’s where you should enter information. Simple as that.

More specifically though, here’s a bit of step-by-step instruction for the tool:

  1. Enter in all your debts from smallest to largest (FYI – you can rename each debt title if you want to…instead of “Debt 1”, “Debt 2” etc.)
    • Enter the current balances
    • The minimum payments
    • And the interest rate of each debt
    • If there are more debt entries than your number of debts, just enter zeros for those debts
  2. Enter the extra amount you’ll be putting toward the debts each month (upper portion of the Excel spreadsheet)
  3. Finally, if you have money stashed away that you want to dump onto the debt to get started, enter that into the “One-Time Start-up Payment” line.

And that’s it!

With all your entries in place, the debt snowball calculator will show you when each debt will pay off in full. Scroll over to the debt that takes the longest to pay off (likely the largest debt on the far-right, but not always), look to see when your last payment is on that debt (months are on the far left), and that’s when you will be completely debt free!! Woot woot!

When most run this calculator for the first time, they are shocked to discover how quickly they could actually do it. And that’s what motivates them to get started immediately! They see that it IS possible for them to pay off all their debts. They CAN do it in less time than they think. And imagine what it would be like if you had absolutely no payments!!

Let me tell you from first hand experience…it’s a wonderful thing. Debt freedom – there’s nothing else quite like it. 

Not Liking Your Numbers?

Let’s say you’re one of the few that isn’t really loving what you’re seeing. Maybe, based on your inputs, you won’t be able to clear your debt load for 4+ years. That’s a long time!

But perhaps there’s still something that can be done. Maybe there’s a way to speed up the process.

Take a look at the suggestions below. With these, you might be able to add more money to your monthly snowball, which could reduce your payoff time by probably much more than you would have expected!

How to Add to Your Extra Monthly Payments

There are sample numbers in the file you just downloaded. According to the file as it stands, this fictitious person had seven debts and was able to pay $200 up front to get their snowball rolling, and then an extra $300 a month to consistently snowball them and pay them down rather quickly. Based on this calculator, they’d be completely out of debt in 13 months. 

No too shabby, right?

But what if they could find some money to add to those monthly payments? What if, instead of $300 extra a month, they could find $650 a month? What would the impact be on their debt-freedom date?

If they found those additional dollars, they could be debt free, not in 13 months, but in just 8 months! It’s amazing what an extra $350 can do.

Start playing around with your free debt snowball calculator

  • What if you put an extra $200 toward your debt each month?
  • How about an extra $500?
  • What if you could find another grand every month?

The more you start wondering, the more ways you’ll find that will make it possible. Dream big and you could win big!

Here’s some ideas I used when I was paying down my debts.

1) Cut your expenses

No matter who you are, there are expenses you can cut.

  • TV/Cable
  • Clothing
  • Cell phone payment and service (many of us could downgrade our cell phone AND our service and not die in the process)
  • Car payments (sell your car, buy a cheaper one)
  • Subscriptions/services
  • Food/Restaurant
  • Entertainment (travel/sports/events)
  • Memberships (yes, exercise is important, but you can run and do push-ups for free)

The list could really go on and on. The only true needs you have are groceries, utility bills, mortgage, clothing (which you probably already own), basic internet and cell phone, and a basic vehicle with no payment on it. Beyond that, all you’re paying for are wants.

Here’s a great article I wrote a few years back if you want to cut your expenses in half. It’s a bit radical, but it will certainly help you get rid of your debts in a hurry!

high paying side hustles2) Start a side hustle

Sometimes, there’s only so much money you can cut. If you can scrape out a few hours at night or on the weekend to get some work in, you could pretty easily earn an extra $400 a month. If you put some effort into it, you could probably get up to $1,000 or more!

When I was scraping for dollars to get out of debt, I…

  • built some furniture (like, not-so-great-looking shoe boxes)
  • mowed lawns
  • wrote articles for bloggers
  • and I kept doing my best to make money blogging

Besides this, there are plenty of other ways to make additional income. The easiest of which is to find a part-time job (bar-tending, serving, or delivering pizzas are great options).

If you want some other options, check out these resources that my team has written recently:

3) Ask for a raise at work

This one is never the easiest, but if you know your value and you aren’t being paid what you’re worth, then it’s time to bring that fact up to your boss. Don’t do it cruelly or snarkily… Put together a few pages of back-up for your reasoning. 

Your support could be:

  • different career websites that describe your job in your area with a higher range of pay than you’re currently receiving
  • a record of revenue or savings that you’ve consistently brought to the company
  • your list of experiences, education, and leadership qualities that you bring to the table

Whatever the case may be, if you present a well-thought-out picture of what you think you’re worth to your employer, chances are that they’ll honor you with a raise. If they don’t, then perhaps it’s time to look into option #4 below.

4) Look for another job somewhere else

It’s always easier to stick with your current employer, but if it’s never felt like a good fit or if they’re not paying you enough, then maybe it’s time to see what else is out there!

Heck, I love where I work, but I still entertain other opportunities once it a while! Almost all of them fail my qualifications early on, but it’s possible that my dream job is sitting out there for way more money. I’d hate to miss an opportunity that was ripe for the taking.

Keep your eyes and ears open. It’s possible that you find a job that will pay you thousands (if not tens of thousands) of dollars more per year.

Personally, I have a profile set up with LinkedIn and Glassdoor. They show me what my worth is and other opportunities that may be out there. 

If you’re looking more seriously, then start looking into Indeed and let your friends and family know that you’re looking for a change. You never know what opportunity might pop up when you start putting yourself out there!

How to Increase Your One-Time Start-Up Payment

Want to lay a bigger wad of cash toward your debts to get the debt snowball moving? 

yard sale1) Sell your stuff

We all accumulate stuff over time. Many of us have plenty of stuff that we don’t need and haven’t used for years. If you’re really serious about getting out of debt, it’s time to part ways with it. 

Go through this exercise.
  • You already put all your debts in the tool, right?
  • And you weren’t satisfied with the results? 
  • What if you were able to sell some stuff and put that money immediately at the debt (in the “one-time start-up payment” amount)?

Think about it right now. What are three items that you could sell and get a pretty hefty amount for? How many dollars would this give you in total? Put that amount in the free debt snowball calculator and see what it does to your numbers. You may be shocked at how much it helps!!

2) Reduce your emergency fund

Dave Ramsey teaches his listeners to cut their emergency fund down to $1,000, and then start paying their debts down with the debt snowball. I am a huge fan of this idea.

If you’re sitting on $10,000 in your savings account, you probably won’t feel all that pressured to get out of debt. And, having just $1,000 in an emergency fund will make you feel differently about how to react to different situations. 

Have a blown transmission? Bummer. Well, if you have $10,000 in the bank, then I guess you just replace it for the price you were quoted. A hefty $3,500. 

But what if you don’t have $3,500? What if you only have $1,000?

Then you need to use your brain to figure out how to get your transmission fixed for less!

  • Maybe you find a solid used one from the junk yard
  • And perhaps you install it with a buddy instead of paying the expensive mechanic costs!

The $1,000 emergency fund keeps you from having to pull out a credit card to pay for every emergency, but it’s small enough to keep that sense of urgency on your debt payoff. It’s not overly comfortable to have just $1,000 in the bank, so you’d better work hard and get that debt paid off so you can build up a nice cushion again (3-6 months of expenses)!

If you had a big emergency fund…

Do you currently have consumer debt, but you also have a healthy emergency fund? Perhaps it’s time to get that debt snowball rolling by shelling out some of that emergency fund and laying it down immediately on your smallest debts! Use the debt snowball calculator to see how big of an impact it will have!

If you haven’t already, download the free debt snowball tool!

What About Selling Your House?

This always seems to be a question from my readers. “Hey Derek, I have about $60,000 of equity in my house. If I sold it, I could take that equity and pay off all my debt! It’s a great idea right?”

If you want the long answer, here’s a recent post I wrote: “Should You Sell Your House to Get Out of Debt?

If you want the short answer, most of the time I’d say, “No.”

I mean, you can sell your house and it will allow you to pay off your debts, but then what are you going to do? Buy another house that’s just as expensive as your current house? And then take out a mortgage for more than you currently had? That’s called shifting the debt…not paying it off. 

You could rent for a bit, but then the cost of housing is going up while you’re putting your money toward rent (ie. a money sink-hole). 

Also, if you pay your debt off by simply selling your house, you won’t really feel the pain of paying it off…which means you’ll likely go right back into debt again. 

As long as your mortgage is reasonable (less than 25% of your take-home pay), then it’s often best to keep the house and battle your way through your debts.

The Free Debt Snowball Calculator – Your New Beginning

I’m so excited about this tool. It’s already helped thousands of people and now it’s landed in your hands. 

  • Enter your debts
  • Play around with the monthly additional payments and the one-time start-up payment

It’s inspiring to see how quickly your debts could evaporate. All you needed was a simple tool and a plan to get them paid off. It’s time for you to clear these debts, save up a healthy emergency fund, and then grow wealthy. It’s absolutely possible and it CAN happen for you!

Best of luck to you, my friend. Be sure to tell me about your debt payoff journey. I always LOVE to hear from my readers!!

What do you think of the free debt snowball calculator? Would you recommend it to your friends?

Debt snowball excel template for up to 16 debts

Debt snowball excel template for up to 32 debts

Get Out of Debt Money

AUTHOR Derek Sall

Derek has a Bachelor's degree in Finance and a Master's in Business. As a finance manager in the corporate world, he regularly identified and solved problems at the C-suite level. Today, Derek isn't interested in helping big companies. Instead, he's helping individuals win financially--one email, one article, one person at a time.


  1. In you debt snowball calculator, if you have a debt that has a larger balance (debt A)but is payed off sooner than smaller balance debts (debt b) because the amoritization schedule is longer for the smaller debt, your calculator doesn’t add the monthly payment to the total snowball payment until it gets to the larger balance in the spread sheet. Feel free to contact me if you need more explination or better example. Could you fix that? Otherwise, your spread sheet is AWESOME!

    • Hi Adam – thanks for reaching out. Can you send me your spreadsheet with this example in it? I’d love to make any updates and tweaks to the formula if needed. Send it to derek [at] lifeandmyfinances(dot) com. Thanks!

  2. Amazing spreadsheet! Is there an option to choose fortnightly instead of monthly? Would that be as simple as changing the dates on the side from month to fortnights or is it more complicated than that?

    • Fortnightly? Seriously? Is that still a thing? I’m honestly baffled right now.

      But yeah, if you wanted to set it up for every 40 days, you could just update the descriptions on the side and have 1 be “one fortnight” and 2 be “2 fortnights”, etc. It won’t match up to years and the interest calc will be slightly off, but overall, that should get you close enough.

      Thanks for reading!!

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