Debt Snowball Calculator

Free Debt Reduction Calculator Using The Debt Snowball Method

This free Debt Snowball Calculator will show you how much time and money you could save by paying off your debts using the "rollover" or "debt snowball method" of debt reduction. Using this accelerated debt-payoff method, as each smaller debt is paid off, the freed-up payment amount is then applied to the next larger debt, and so on until all debts are paid off -- the snowball effect.

As you are about to see, it's an amazingly practical method for paying down debt that can save you a ton of money in interest charges, and help you achieve total debt elimination in a relatively short time.

Instructions:

Ordered from smallest balance to highest balance, enter the Creditor name, current Principal Balance, Interest Rate, and minimum Payment Amount for all your debts (up to a maximum of 10 debts). Next, enter a monthly dollar amount you could add to your accelerated debt payoff plan. Then, click the "Calculate Results" button and watch the accelerated debt payoff calculator do its stuff.

As a final step, you can create a detailed Payment Schedule and/or a Payoff Summary simply by clicking on the appropriate buttons.

Note: If you include your mortgage debt in the snowball debt calculator, be sure to enter only the "principal & interest" portion of your monthly mortgage payment (don't include the monthly tax and insurance portion).