Snowball Debt Calculator
Do you want to get out of debt, but aren’t sure where to begin? Do you have multiple types of debt including bank loans, medical bills and credit card payments? Do you want to create a strategy to reduce debt and balance spending?
If you answered “yes” to any of the questions above, our Snowball Debt Calculator is for you.
When you use this free financial tool, you’ll be able to prioritize your monthly payments based on the current balances. You’ll tackle your debt with the smallest balance first, allowing you pay off that debt quicker. When your debt with the smallest balance is paid off, that monthly minimum will be applied to the next smallest debt.
You can also organize your debts by interest rate, known as a debt avalanche. Simply select it under the Start payoff with dropdown below.
To get started, summarize your debts below and include the minimum payment, interest rate and current balance.
These interactive calculators are not intended to provide or replace specific professional financial advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical, are for illustrative purposes only, and may differ from more in depth analysis results. They do not represent the past performance of any specific product, nor should they be viewed as a promise of future results of any product offered by Thrivent or its affiliates. We encourage you to seek personalized analysis regarding all personal finance issues.