Debt Snowball Calculator

Sisters,

Since we have talked so much about finances lately.  Mike and I have found a website that has this really cool debt snowball calculator 

http://financialmentor.com/calculator/debt-snowball-calculator

You just enter the debt name, how much you owe, interest amount, and your monthly payment on each debt you have (it will automatically put in the interest you will be paying throughout the loan and the month of payments you have left).  The calculator also has a cool feature of putting in extra on the loan to help pay it off.

So for example lets say I have
Credit Card A, I owe $1,000 and pay 4.99% and my minimum payments are $35.00
Credit Card B, I owe $1,500 and pay 5.25% and my minimum payments are $25.00
(List them in order you want to pay off-usually lowest interest rates first)

The calculator calculated that I had 31 payments on Credit Card A and 70 payments left on Credit Card B

So then lets say we add a extra $100 to Credit Card A for the  rest of the loan and then Snowballed that payment to the next debt what would happen?

It knocks the payment months from being 70 months to only 17 months.  Saving us a total $216.27 for interest and 53 months

No obviously this is just so you can see the magic of the calculator.  But really for those that are seeking Financial Stability and peace in your life this is a tool that can really help you figure out where to start and begin.  Mike and I played with numbers until we figured out what was the cheapest for us, almost always it is the lowest interest rate first.

Hope this helps someone out there!