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Stream-Lined Snowball Debt Elimination Calculator

The Snowball Debt Elimination Calculator applies a simple principle to paying off your debt. When a balance is paid off, add its monthly payment to your next debt's payment. This continues until you have snowballed through all of your balances and your debt is paid in full. The calculator can also apply an additional monthly amount accelerate the debt pay off.

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For more information about these financial calculators please visit: Financial Calculators from KJE Computer Solutions, Inc.

By changing any value in the following form fields, calculated values are immediately provided for displayed output values. Click the view report button to see all of your results.

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Stream-Lined Snowball Debt Elimination Calculator

*indicates required.

Calculate:*This entry is required.

Start payoff with:*This entry is required.

Current payment:

Accelerator amount:*This entry is required.Enter an amount between $0 and $100,000

Months to debt freedom:*This entry is required.Enter an amount between 1 and 480

Minimum Payments:

Use credit card minimums.

Loan or Credit Card #1:*This entry is required.

Balance:*This entry is required.Enter an amount between $0 and $10,000,000

Interest rate:*This entry is required.Enter an amount between 0% and 30%

Payment:

Loan or Credit Card #2:*This entry is required.

Balance:*This entry is required.Enter an amount between $0 and $10,000,000

Interest rate:*This entry is required.Enter an amount between 0% and 30%

Payment:

Loan or Credit Card #3:*This entry is required.

Balance:*This entry is required.Enter an amount between $0 and $10,000,000

Interest rate:*This entry is required.Enter an amount between 0% and 30%

Payment:

Loan or Credit Card #4:*This entry is required.

Balance:*This entry is required.Enter an amount between $0 and $10,000,000

Interest rate:*This entry is required.Enter an amount between 0% and 30%

Payment:

Loan or Credit Card #5:*This entry is required.

Balance:*This entry is required.Enter an amount between $0 and $10,000,000

Interest rate:*This entry is required.Enter an amount between 0% and 30%

Payment:

Loan or Credit Card #6:*This entry is required.

Balance:*This entry is required.Enter an amount between $0 and $10,000,000

Interest rate:*This entry is required.Enter an amount between 0% and 30%

Payment:

Loan or Credit Card #7:*This entry is required.

Balance:*This entry is required.Enter an amount between $0 and $10,000,000

Interest rate:*This entry is required.Enter an amount between 0% and 30%

Payment:

Loan or Credit Card #8:*This entry is required.

Balance:*This entry is required.Enter an amount between $0 and $10,000,000

Interest rate:*This entry is required.Enter an amount between 0% and 30%

Payment:

Loan or Credit Card #9:*This entry is required.

Balance:*This entry is required.Enter an amount between $0 and $10,000,000

Interest rate:*This entry is required.Enter an amount between 0% and 30%

Payment:

Loan or Credit Card #10:*This entry is required.

Balance:*This entry is required.Enter an amount between $0 and $10,000,000

Interest rate:*This entry is required.Enter an amount between 0% and 30%

Payment:

Loan or Credit Card #11:*This entry is required.

Balance:*This entry is required.Enter an amount between $0 and $10,000,000

Interest rate:*This entry is required.Enter an amount between 0% and 30%

Payment:

Loan or Credit Card #12:*This entry is required.

Balance:*This entry is required.Enter an amount between $0 and $10,000,000

Interest rate:*This entry is required.Enter an amount between 0% and 30%

Payment:

Loan or Credit Card #13:*This entry is required.

Balance:*This entry is required.Enter an amount between $0 and $10,000,000

Interest rate:*This entry is required.Enter an amount between 0% and 30%

Payment:

Loan or Credit Card #14:*This entry is required.

Balance:*This entry is required.Enter an amount between $0 and $10,000,000

Interest rate:*This entry is required.Enter an amount between 0% and 30%

Payment:

Loan or Credit Card #15:*This entry is required.

Balance:*This entry is required.Enter an amount between $0 and $10,000,000

Interest rate:*This entry is required.Enter an amount between 0% and 30%

Payment:

**FIG_GRAPHTITLE** Line Graph: Please use the calculator's report to see detailed calculation results in tabular form.

Debt Balance

**FIG_GRAPHTITLE** Column Graph: Please use the calculator's report to see detailed calculation results in tabular form.

Total Interest Payments

Definitions

Calculate

To calculate the number of months to pay off your debt with an accelerator amount you enter select: "Calculate: Months to debt freedom". To calculate the accelerator amount required to meet a debt free goal that you enter select: "Calculate: Additional amount"

Start payoff with

Select the order you would like to pay off your debt.

Current payment

This is the total of your minimum monthly payments for all of your current loans and credit cards. This is your current total only. As your debt is paid off, the minimum monthly payment for credit cards can decrease.

Months until you are debt free

Number of months it will take to pay off all of your debt using the Snowball Debt Elimination method. The maximum repayment time your can enter is one that has no accelerator amount amount. In this scenario you pay your initial minimum payment amount until all of your debt is repaid. Even without any additional amount, this can be less than your current pay off using minimum payments that decrease over time (and don't snowball to the next loan when a loan is paid off).

Accelerator amount

This dollar amount is in addition to your monthly minimum payments that you will use to pay down your debt. The higher this amount, the faster your debt will be paid off. It is important that your accelerator amount is one that you can afford. For the snowball method to be effective you must be consistent in your payments. Should you choose an amount that is too high, you may become discouraged if you are unable to meet your payment goal.

Balance

Your total current balance for this loan or credit card.

rate

The annual percentage rate you pay for this loan or credit card. The rate you enter is used to calculate the interest on all future loan or credit card payments. The length of time to pay off this debt may be much greater than calculated if you enter a low promotional interest rate that is only good for a short period of time.

Payment

This is your monthly payment.

Information and interactive calculators are made available to you only as self-help tools for your independent use and are not intended to provide investment or tax 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.