Debt Snowball Calculator
Results:
| Debt Payment # | Debt Name | Payment Amount | Total Debt Left |
|---|
Total Months to Pay Off All Debts:
Total Interest Paid: $
To use the Debt Snowball Calculator, follow these steps:
- Enter the details of your first debt in the provided fields:
- Debt Name: Provide a name or description for the debt (e.g., Credit Card A).
- Debt Amount ($): Enter the total amount of the debt you owe.
- Interest Rate (%): Input the annual interest rate associated with the debt.
- Monthly Payment ($): Specify the amount you can afford to pay each month towards this debt.
- Click on the “Add Another Debt” button if you have additional debts to include. This will generate a new section where you can enter the details of each subsequent debt.
- Repeat step 2 for each additional debt, providing the necessary information for each one.
- Once you have entered all your debts, click on the “Calculate” button.
- The calculator will process the information and display the results below the button.
- The results will include:
- Payment plan
- Add the least amount of debt payment to the next debt payment once it hits $0.
- Total months to pay off all debts: This indicates the number of months required to pay off all the listed debts using the debt snowball method.
- Total interest paid: This shows the total amount of interest you will pay across all the debts.
- Review the results to understand the estimated timeline and interest associated with paying off your debts using the debt snowball method.
- You can modify the inputs and recalculate by adjusting the debt details or adding/removing debts as needed.
Remember, the Debt Snowball Calculator is a tool to help you understand and plan your debt repayment strategy. It’s essential to continue making regular payments and follow the plan to achieve your goal of becoming debt-free!