Snowball Debt Elimination Calculator applies two simple principles to paying off your debt.
- Pay off your highest interest rate first.
- When a balance is paid in full, apply its monthly payment to the balance with the next highest interest rate.
Use this calculator to see how this can be applied to your debt. The calculator can also apply an additional monthly amount to the balance with the highest rate. When that balance is paid in full, the balance with the next highest rate will be paid down. This continues until you have snowballed through all of your balances and your debt is paid in full. Click the "View Report" button for a detailed look at the results.
Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.