Get Out of Debt Calculator For Creating a Snowball Payoff Plan

Get Out of Debt Calculator Sign

This free online calculator will calculate how much time and money you could save by paying off your debts using the "rollover" method.

Plus, the calculator will also give you 60 booster rockets that you can strap to your get out of debt (G.O.O.D.) plan.

If you have 10 or fewer debts and are not interested in the booster rocket options, please use the simplified Rapid Debt Reduction Calculator instead. The RDRC also includes some important concepts to keep in mind when formulating your rollover or snowball payoff plan.

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Get Out of Debt Calculator

Calculate your get out of debt plan using the rollover method, for any number of debts, and adding any number of the 60 built-in booster rockets.

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Selected Data Record:

A Data Record is a set of calculator entries that are stored in your web browser's Local Storage. If a Data Record is currently selected in the "Data" tab, this line will list the name you gave to that data record. If no data record is selected, or you have no entries stored for this calculator, the line will display "None".

DataData recordData recordSelected data record: None
Start:Start:Start month:Start month and year:

Start month and year:

Select the month and year you would like to begin your get out of debt plan.

Monthly add:Monthly addition:Monthly amount you can add to your plan:Monthly amount you can add to your debt payoff plan:

Monthly amount you can add to your debt payoff plan:

Optional: Enter an amount you feel you could add to your G.O.O.D. plan on a monthly basis. Enter as a dollar amount, but without the dollar sign and any commas.

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One time add:One time addition:One time amount to add to plan:One time amount you would like to add to plan:

One time amount you would like to add to plan:

Optional: Enter a one-time amount you feel you could add to your G.O.O.D. plan upfront. Enter as a dollar amount, but without the dollar sign and any commas.

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Payoff:Payoff preference:Payoff preferences:Payoff preferences:

Payoff preferences:

Choose the order in which you would like to pay off your debts. You can change the order at any time, in which case any entered debts will be resorted and your plan will be recalculated.

Enter Debts

Enter Debts:

To add a debt, enter the name and associated variables and then tap the "Calculate Stats" button. When you're satisfied with the entries, tap the + button (may also appear as "Add" or "Add Debt" depending on the width of your device).

To edit a debt in the list, select the debt from the debt list menu. This will load the debt into the form for editing. When you're satisfied with the changes you've made, tap the "Calculate Stats" button and then tap the S button (may also appear as "Save" or "Save Changes" depending on the width of your device).

To delete a debt from the list, select the debt from the debt list menu. This will load the debt into the form for deleting. Tap the button (may also appear as "Delete" depending on the width of your device).

To clear the form to create a new debt entry, tap the C button (may also appear as "Clr" or "Clear" depending on the width of your device).

Important! The entered debts are saved in your device's random memory (temporary storage), which means that if you surf to another calculator or close this browser window you will need to re-enter your debts.

Debt list:

Each entered debt will appear in this menu as you enter them, sorted by your pay off order preference. Changing your pay off order preference in the top section of the calculator will automatically re-sort the debts listed in the menu.

To edit or delete an entered debt, select the debt from the menu and the calculator will load the debt's saved variables into the appropriate fields below this line. You can then either edit and save the changes, or you can delete the debt from your list.

Creditor:Creditor name:Creditor name:Creditor name:

Creditor name:

Enter the name of the creditor as you want it to appear on the printed reports.

Payoff amt:Payoff amount:Principal balance:Principal balance (payoff amount):

Principal balance:

Enter the principal balance of the debt, without any dollar sign or commas. Note that this is not equal to the number of payments left times the payment amount -- because that would include interest charges you don't yet owe. What you want to enter here is how much cash it would take to pay off the debt today (call your creditor if you're not sure).

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Rate:Interest rate:Annual interest rate:Annual interest rate:

Annual interest rate:

Enter the annual interest rate of the debt. Enter as a percentage without the percent sign (for .06 or 6%, enter 6). If this debt has more than one interest rate (1 for purchases and 1 for cash advances), enter the higher of the two. It's always best to use worse-case scenarios.

%
Pmt/month:Monthly pmt:Monthly P&I payment:Monthly principal and interest payment:

Monthly principal and interest payment:

Enter the monthly payment for the debt, without the dollar sign or commas. If you are including your mortgage in the rapid debt reduction plan, be sure to only enter the principal and interest portion of your mortgage payment (leave out the portion for taxes and insurance).

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Pmt type:Payment type:Monthly P&I payment:Payment type:

Payment type:

If you make the same payment amount each month, select Fixed. If you only make the minimum payment amount, and the payment amount keeps getting smaller each month, select Declining.

Sort order:Payoff sort order:Payoff sort order:Payoff sort order:

Payoff sort order:

Optional: If you would like to determine your own custom payoff order, enter a number in this field. If you leave the field blank the calculator will number the debt for you.

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Calculate Stats:

Once you have completed the preceding fields for the debt, tap this button to calculate the interest cost and number of payments remaining. Both of the calculated fields are required before the calculator will add your debt to the list.

Interest:Interest cost:Interest cost:Interest cost:

Interest cost:

Based on your principal, interest rate and payment amount entries, this is how much interest you will pay on this debt between now and when you make the final payment.

Pmts left:Payments left:Number of payments left:Number of payments remaining:

Number of payments remaining:

Based on your principal, interest rate and payment amount entries, this field will display the number of monthly payments remaining on the debt.

Booster Rockets

Booster Rockets:

To add (or edit) a booster rocket, select the booster from the list, enter the amount you will save (without dollar sign and commas) and select corresponding period, and then tap the Save button.

The calculator will automatically translate the amount to monthly and add it to the monthly booster total.

Note that the Clear button simply clears the booster form and does not zero out the amounts, whereas the Clear All button clears all previously entered booster amounts.

Choose booster
Save
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per
Booster:Booster rocket:Total booster rocket:Total booster rocket:

Total booster rocket:

The calculator will automatically total up your monthly booster rocket amounts as you save them.

G.O.O.D. Plan SavingsG.O.O.D. Plan SavingsGet Out Of Debt Plan SavingsGet Out Of Debt Plan Savings

Get Out Of Debt Plan Savings:

This section will display the time and money savings your G.O.O.D. plan will save over simply paying of your debts as originally prescribed. The section will also display a summary, a comparison chart, and a button for creating a printer friendly report.

Note that this section will update as you make changes in the previous sections.

Months:Months saved:Months saved:Months saved:

Months saved:

This is how many months you will shave off of your debt repayment if you switch from your current method to the rollover method with booster rockets.

Interest:Interest saved:Interest saved:Interest saved:

Interest saved:

This is how much interest you will save if you switch from your current method to the rollover method with booster rockets.

Debt free:Debt free date:Debt free date:Debt free date:

Debt free date:

This is how many months you will shave off of your debt repayment if you switch from your current method to the rollover method with booster rockets.

If you would like to save the current entries to the secure online database, tap or click on the Data tab, select "New Data Record", give the data record a name, then tap or click the Save button. To save changes to previously saved entries, simply tap the Save button. Please select and "Clear" any data records you no longer need.

Help and Tools

Learn

Accelerated Debt Payoff: Rollover Method Vs. Bend Over Method

Rollover Method Vs. Bend Over Method

In case you're not familiar with the Rollover Method of debt repayment, here it is in a nutshell.

As each debt is paid off, that debt's payment amount is then applied to (rolled onto) the next debt, and so on until all debts are paid off. As you will see when you use the G.O.O.D. calculator, the rollover method can save you a ton of money in interest charges, and allow you to get out of debt sooner than you ever thought possible.

The Bend Over Method of paying off your debts is where you continue to make just the minimum payment on each debt for years to come. In this case, you are bending over so the lending institutions can keep giving it to you up the wazoo.

How A Penny Saved Can Be More Than a Penny Earned

If you take an action that results in permanently lowering your monthly expenses by, let's say, $10, that $10 savings will continue to add up each month. After one year you will have saved $120. After ten years you will have saved $1,200. And so on.

But what most people fail to realize is that if you apply those $10 monthly savings to pay off high-interest debt, the savings can add up to thousands of dollars of interest savings over time.

The G.O.O.D. calculator includes a scrollable list of 60 different ways you can reduce your monthly expenses. When you use these savings to pay off debt, it's like adding booster rockets to your plan.

Finally, once you complete your G.O.O.D. plan, be sure to write down your freedom date and the total amount you will be applying to your debts. Then, visit the Debt to Financial Freedom Calculator to see how long it will take to become financially free by investing your freed-up payments.

Adjust Calculator Width:

Move the slider to left and right to adjust the calculator width. Note that the Help and Tools panel will be hidden when the calculator is too wide to fit both on the screen. Moving the slider to the left will bring the instructions and tools panel back into view.

Also note that some calculators will reformat to accommodate the screen size as you make the calculator wider or narrower. If the calculator is narrow, columns of entry rows will be converted to a vertical entry form, whereas a wider calculator will display columns of entry rows, and the entry fields will be smaller in size ... since they will not need to be "thumb friendly".

Show/Hide Popup Keypads:

Select Show or Hide to show or hide the popup keypad icons located next to numeric entry fields. These are generally only needed for mobile devices that don't have decimal points in their numeric keypads. So if you are on a desktop, you may find the calculator to be more user-friendly and less cluttered without them.

Stick/Unstick Tools:

Select Stick or Unstick to stick or unstick the help and tools panel. Selecting "Stick" will keep the panel in view while scrolling the calculator vertically. If you find that annoying, select "Unstick" to keep the panel in a stationary position.

If the tools panel becomes "Unstuck" on its own, try clicking "Unstick" and then "Stick" to re-stick the panel.