The Money Mustache Community
Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: Eric9064 on April 17, 2017, 01:29:19 PM
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I have seen links posted in other threads that direct you to sites/spreadsheets where you can put in your various debts and have it calculate expected payoff dates and money saved based on how much is paid each month and whether a snowball or highest interest rate approach is utilized.
I can't seem to find any of these links at the moment and was hoping someone could provide one if they have it readily available.
Thanks in advance for any help.
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I don't know of any of those calculators off the top of my head, but my take on the snowball vs highest interest is all about your personal budget and spending. If you are able to pay off your highest interest debt first then it's the priority. If you are struggling to get your debts paid and locate enough extra cash to clear out debts then snowball is probably the most helpful to you.
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I think you could run this both ways and compare: https://financialmentor.com/calculator/debt-snowball-calculator
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Vertex42
And it will allow you to calculate all your scenarios.
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Vertex42
And it will allow you to calculate all your scenarios.
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See Debt Reduction Calculator (https://www.vertex42.com/Calculators/debt-reduction-calculator.html).
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Fast and dirty is http://unbury.us/ (http://unbury.us/), it does do the snowball and avalanche methods.
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Awesome. Thanks for the help.
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Another vote for the Vertex42 calculator. That has been (by far) one of the most helpful tools I've used for my personal finances.