Menu
Menu Back

Learn All Things YNAB

How Much Time Do You Have?

Free For 34-Days, Then $6.99 a Month*

On average, new budgeters save $600 by month two and more than $6,000 the first year! Pretty solid return on investment.

Sign up for a free trial today!

No credit card required.

Close

The legal stuff

Agree to the Terms of Service and Privacy Policy to continue.

Start taking control 
of your money today!

Close
9 Oct 2017

A Simple, Free, Debt Repayment Calculator

Below Read More
by Shannon Marie

Ready to kill your debt? This tool will help you decide between a snowball or an avalanche to get the job done.

Many a YNABer has shown up on our virtual doorstep, motivated by the desire to escape debt. Big debt, little debt, credit card debt, student loan debt, medical debt. All kinds of debt.

And your budget is a critical piece of the picture—strategically giving every dollar a job is the first step towards living within your means and digging yourself out of the hole. If you’ve ever attended YNAB’s classes, Aggressive Debt Pay Down or Master Credit Cards with your Budget, then you know that there’s no trick to debt repayment, it’s all about priorities. And, apparently, snow …

Snowball vs. Avalanche

There are two common strategies for erasing debt, and there’s much debate about which is better:

Some people, notably Dave Ramsey, suggest that the snowball approach will motivate you to keep going with early “wins” as you pay off your smaller debts. Others argue that the avalanche approach saves you money in the long run because you’ll pay less interest.

So which way is better? As with most things, the answer is, it depends.

Debt Snowball Calculator

To help you choose the right method, Rob Berger, founder of The Dough Roller, created this simple, online debt repayment calculator:

Debt Snowball & Avalanche Repayment Calculator

You can try it out, free, without giving up your name, email, or any other sensitive information. After you input your debt balances, interest rates and minimum payments—voila!—the calculator tells you which repayment method is, from a numbers perspective, best for you.

If you’d like to revisit the calculator each month to update your new, lower(!) balances, and check progress, set up a free account on The Dough Roller to store your data. You can set up your account by clicking the green “Register” button on the top-right corner of their site.

A Word on Inspiration

With YNAB and an icey-cold cure for your credit—the snowball/avalanche—you have everything you need to be debt-free. Now, it’s up to you to keep the momentum going! When you find yourself feeling a little overwhelmed by your big money goals, remember this: every extra dollar you pay off today, is an extra dollar you free up for yourself tomorrow. You deserve a future that is free from the stress of debt—and a future where every single cent of your paycheck belongs to you!

Let us know what you think of the calculator. Email [email protected]

Related Articles

Got Budgeting Baggage?

July 18, 2017 | by Lindsey Burgess

How to Pay off $26,000 of Debt in 18 Months on a...

September 6, 2013 | by Jesse Mecham

Could you cut up your credit cards?

September 19, 2013 | by Jesse Mecham

Your Next Step

Remember, budgeting is not restrictive. You won’t be spending less, you’ll be spending right. You can do this! Today. Right now. What do you have to lose? Except all that debt and stress. (Ok, so kind of a lot.)

WANT TO BE NOTIFIED OF NEW YNAB ARTICLES?

We send one email a week summarizing all the best budgeting reads.

No thanks

YNAB.

Follow YNAB to get support and lots of great ideas on budgeting