The snowball effect is the idea that a snowball grows as it rolls down a hill. Experiment with choosing different payoff strategies or use the Custom column to choose the order to target your debts. Look at the results table to see the debts in your chosen order along with the total interest paid and the months to pay off each debt.This initial snowball, or "extra payment," is applied to one debt target at a time, depending on the order defined by your chosen strategy. The difference between the total minimum payments and your total monthly payment is your initial snowball. Enter the total monthly payment that you can pay each month towards your debts, based on your home budget.This spreadsheet assumes a fixed minimum payment for each debt, so you may want to update the calculator every few months. For some debts, like credit cards, the minimum payment may change over time. ![]() You may need to verify your minimum payment with your lending institution.
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