This debt snowball calculator accelerates your debt payoff by using the “rollover” method. As soon as the first debt is paid off use the freed-up payment amount to pay down the next debt even faster. Continue the process (building like a snowball) until all debts are paid off. As you are about to discover, the debt snowball method is the most cost effective, fastest, and emotionally satisfying way to get out of debt.
Instructions: Order your debts from highest interest rate to lowest interest rate to save the most money. The calculator pays them off in the order entered. Alternatively, you can create a debt snowball by ordering your debts from smallest balance to highest balance for the greatest emotional satisfaction – although it will cost you a little more interest. Enter the name, current balance, interest rate and minimum payment amount for all of your debts (up to a maximum of 10 debts). Next, enter a monthly dollar amount you could add to your accelerated debt payoff plan at the bottom right of the calculator. Then, click the “Calculate Debt Snowball” button.
Note: If you include your mortgage in your accelerated debt payoff plan then be sure to enter only the principal & interest portion of your monthly mortgage payment (don’t include monthly tax and insurance portion as that expense never gets paid off).
Your debt payments seem endless.
You re sick and tired of slaving under the debt monster and want to be free.
You wish there was a quick and efficient way to get out of debt that actually worked.
Thankfully, there is. The debt snowball plan has helped thousands of people find freedom from debt.
Our Debt Snowball Calculator makes the process easy. Simply fill out the form with all your debts, enter a monthly dollar amount you can add to your payoff plan, and click the Calculate Debt Snowball button. You can even create a payment schedule and payoff summary.
Below is more information about the debt snowball plan to help you break free of the debt monster . . .
The debt snowball plan is a strategy to pay off debts in order one by one by rolling your payments over like a snowball from one debt to the next. You can order your list of debts by interest rate or balance – the choice is yours.
It s called a debt snowball plan because you take the payments you were making to a paid-off debt and apply them to the next debt on your list. Your payments, therefore, grow with time and build momentum and effectiveness – much like a snowball rolling down a hill.
The Debt Snowball Calculator shows the benefits of applying the payments of recently paid-off debts to other debts. Not only do you save time, but you save lots of money.
Before you start your debt snowball plan, it s important to know some best practices and requirements:
By keeping your lifestyle down while paying your debts, you ll be able to continue paying the same overall amount of money every month until all your debts are gone. It s one of the fastest, most efficient, and emotionally rewarding ways to get out debt!
Once you re out of debt, stay out of it! Here s how:
The key to staying out of debt forever is to replace the bad habits that created debt in the first place with wealth producing habits. Once you ve changed your spending habits then your growing wealth will reflect the new pattern.
The Debt Snowball Calculator gives you the tools you need to forecast your payments and savings. Financial experts agree: the debt snowball plan is an excellent way to pay off your debt quickly and systematically.
Once you re out of debt, you ll be able to put more money toward investments, vacations, and so much more. Close your eyes and imagine a life without debt. Make it a reality and try out the Debt Snowball Calculator today!