Debt Snowball Calculator

Debt Snowball Calculator: Visualize & Plan Payments

A debt snowball calculator is a tool that helps you visualize and plan payments to pay down multiple debts from smallest to largest balance. It calculates the order of payments and interest savings.

What is Debt Snowball Calculator?

A debt snowball calculator is an online tool that allows you to input information about your various debts such as credit cards, personal loans, auto loans, student loans, etc. to create a customized debt payoff plan.

This calculator suggests making minimum payments on all your debts except the one with the smallest balance. You then put any extra money towards paying off that smallest debt first while making minimums on the rest. Once the smallest debt is fully paid off, you roll that payment amount into the next smallest balance and so on until everything is paid off.

The key benefit a debt snowball calculator provides is visualizing the order of debts to pay off and calculating how much total interest you save by tackling your high-interest debts most aggressively. You can play with different payment scenarios to optimize the plan.

By ordering debts from smallest to largest balance, you get psychological wins of eliminating debts one by one. This motivates you to stick to the debt payoff plan. The calculator also shows interest savings to demonstrate that even small debts can cost a lot in interest if left unpaid for a long time.

Debt Snowball Calculator Features

Official Links