Debt Snowball Calculator To Help You Become Free!

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Debt Snowball Calculator

Debt Snowball Calculator


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:

  1. 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.
  2. 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.
  3. Repeat step 2 for each additional debt, providing the necessary information for each one.
  4. Once you have entered all your debts, click on the “Calculate” button.
  5. The calculator will process the information and display the results below the button.
  6. 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.
  7. Review the results to understand the estimated timeline and interest associated with paying off your debts using the debt snowball method.
  8. 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!