Debt Snowball Calculator
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).