Snowball Debt Calculator

by astanhaus

“Hit me in the face with a snowball!”—Michael Ginsberg

Snowball— what a fitting name for a debt calculator. I needed to take this one sitting down.

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Play with Snowball Debt Calculator here.

First, I had to figure out what non-flexible, Standard APR actually mean.

(click on the bold-faced vocab words:))

Finally, I filled  in all the blanks and I got…

# of months it will take to repay my debt and how much $$ I will pay in interest.

Snowballing in interest order will cause me to pay less overall, tackling the highest interest debt first. Debts may not be eliminated quickly from my to-do list, but I’ll sleep richer.

Snowballing in balance order will list my debt from smallest to largest amount. I’ll shrink the list length from the very beginning. But pay more $$, if large debts with high interest rates are left till the last minute.

Personal preference!

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(Originally published on Amanda Stanhaus’s financial literacy blog: XO, Bettie.)