Free Debt Reduction Calculator
This debt reduction calculator will show you how much time and interest you can save by using the snowball method to pay off your debts.
Instructions: List your debts from smallest to largest under the debt name section. Next, enter the current balance owing, the interest rate and the current monthly payment amounts for each loan you listed. If you would like to add additional payments, you can add that amount in the box just above the 'calculate' button. When you're done entering all of the info, click the 'calculate' button to get your results.
For mortgage balances: Only include the payment amount that goes toward the mortgage. Don't include any payment amounts for taxes or insurance.
For more information about debt, please check out our more popular articles listed in the box below, or you can see our complete list of articles about debt.
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