Debt Stacking Calculator:
Want to know when you can be free of debts? This calculator might help you.
As per Wikipedia definition:
[https://en.wikipedia.org/wiki/Debt-snowball_method],
The debt-snowball method is a debt reduction strategy, whereby one who owes on more than one account pays off the accounts starting with the smallest balances first,
while paying the minimum payment on larger debts. Once the smallest debt is paid off, one proceeds to the next slightly larger small debt above that, so on and so forth,
gradually proceeding to the larger ones later. This method is sometimes contrasted with the debt stacking method, also called the "debt avalanche" method, where one pays
off accounts on the highest interest rate first.
This calculator uses the "debt stacking" method as it is the one where you can save the most interest overall. A good description of the pros and cons of each repayment method is available at "thebalance.com" web site with their page Debt Snowball vs. Debt Stacking
Why use this calculator?
While a lot of web sites will provide you a great tutorial on how to apply Snowball or Avalanche/Stacking method, I haven't found one yet that provides me with a flexible
calculator that can fit most scenarios I have encountered with friends over the years.
Completed features
- Automatically re-order all your debts in order of highest to lowest interest rates for fastest debt reduction effect.
- Once a debt is paid off, the extra money is automatically re-allocated to the next debt.
- Works with either payment as a percentage of principal owed or a dollar amount. If value entered is less than 1, it will be considered a percentage.
span class="image soon">Upcoming features
- Each debt can have an amount provided for recurring charges that need to be added to my principal (ie utilities, streaming services, memberships, etc.)
- Ability to keep track of more than one debt scenario
- Remembers your debt scenario so that you can update your progress instead of re-entering all information (See Privacy section below for more information)
- Ability to take a dated snapshot of your current debt scenario to allow you to see your progress over time.
This calculator is currently focused on Debt Stacking method, which is the fastest repayment method of the two.
Go to: Debt Stacking Calculator
Loan Amortization Calculator
Use this quick amortization calculator to find out how much you need to pay each month in order to meet a debt free goal date.
This amortization schedule will also show you how much of your repayments will go towards the principal and interest.
Go to: Amortization Calculator
Disclaimer:
The material and information contained on this website is for general information purposes only.
You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a "Financial Adviser".
(Beware of the important differences between
Financial Advisers and Financial Advisors)
Whilst we endeavour to keep the information up to date and correct, Indyo Systems Inc. makes no representations or warranties of any kind,
express or implied about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information,
products, services or related graphics contained on the website for any purpose.
Any reliance you place on such material is therefore strictly at your own risk.
Indyo Systems Inc. will not be liable for any false, inaccurate, inappropriate or incomplete information presented on the website.
Privacy:
As we do not want any concerns about privacy, here is how we store information and our recommendations on what information you should provide:
- We do not ask for any of your personally identiable information.
- When giving a name to each of your debts, make sure that you do not enter any personal identifiable information
- We do not keep track of your IP address
- We save a cookie containing a unique token ID on your browser so that we know which debt scenario to load upon your next visit. If you delete your cookies or do not allow cookies, you will need to re-enter your debt information each time.
- All information is encrypted in our data tables and the data requires your token ID as part of the key to decrypt it. Therefore, we cannot assist if you lose your token ID.