Accelerated Debt Repayment Calculator
This calculator helps people manage their debts by leveraging the "rollover" (or snowball) method. Using this strategy, whenever a smaller debt is paid off the associated cashflow which is freed up is applied to the next largest debt, until all debts are finally paid off. This strategy works well for two reasons. First, because you are tackling the smallest debts first it is easy to see the progress being made & help establish money-saving habits. Second, as each debt is extinguished it accelerates the percent of your free cashflow which can be applied toward the remaining debts.
Usage instructions: Starting with your smallest debts first, list your debts along with their current balances & the amount you can afford to apply to accelerated debt repayments. Once you have entered all of your debts, click on the "Calculate Results" button to see your debt repayment plan. If you include any mortgage debt in this tool, please only list your principal & interest portion of the mortgage debt (as including property taxes & insurance in this tool would throw off the results.