This calculator assumes that the debts with higher interest rates are paid first while making minimum payments on other debts. You may also apply an extra amount to the monthly payment to pay off your debt even sooner.
Snowballing is all about paying your debts in the correct order. Generally speaking you should attempt to pay off the debts with the highest interest rate first.
Use this snowball credit card payoff 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.
What does all this ice have to do with paying off debt? Let’s take a look at the debt snowball and debt avalanche methods of eliminating student loans so you can figure out which one works best for you.
Generally speaking you should attempt to pay off the debts with the highest interest rate first. This calculator allows you to enter up to 20 different debts with their associated APRs, and the total amount you want to spend per month servicing your debts, and it’ll work out the order in which you should pay them together with the monthly payments.