You will pay off all your debts in 45 months (Feb, 2030) which will cost you $6,370.41 in total interest payments. If you follow the debt snowball method, you can payoff all your debts in 26 months (Jul, 2028) and save $1,269.24 in interest payments.

What is the debt snowball method?

The debt snowball method is a debt reduction strategy to pay off your debts. The debt snowball strategy focuses on momentum rather than interest rates.

How does the debt snowball method work?

The debt snowball method states that you should focus on paying off your smallest debt first and make minimum payments on all other debt instead of regular payments. The extra money you saved from making only minimum payments to other debts should be used to pay off your smallest debt. Once you pay off your smallest debt, move on to the second smallest and use the same debt payment process until all your debts are paid off. The debt snowball suggests that you can build momentum by knocking off your debts one by one. Since the smallest debt is the easiest to pay off, you should start with the smallest to the largest. The debt snowball method may not save you the most money on interest payments since it ignores the interest rates for each debt.

How does the debt snowball calculator work?

The debt snowball calculator will calculate the interest payments for each of your debts and the time it would take to pay them off with regular payments. The debt snowball calculator then calculates how much money you can save with the debt snowball method, and how much earlier you can pay off your debts. The debt snowball amortization schedule shows you the monthly payments that you will be making using the debt snowball method.