The debt snowball method is a popular debt reduction strategy where you pay off your debts from smallest balance to largest balance. While paying off smaller debts first doesn't necessarily save you money on interest, the psychological wins of eliminating debts quickly can provide the motivation needed to stay on track.
#debt-snowball-calculator {
font-family: sans-serif;
max-width: 600px;
margin: 20px auto;
padding: 20px;
border: 1px solid #ccc;
border-radius: 8px;
box-shadow: 0 2px 4px rgba(0,0,0,0.1);
}
.calculator-inputs {
display: grid;
grid-template-columns: repeat(auto-fit, minmax(250px, 1fr));
gap: 15px;
margin-bottom: 20px;
}
.input-group {
display: flex;
flex-direction: column;
}
.input-group label {
margin-bottom: 5px;
font-weight: bold;
font-size: 0.9em;
}
.input-group input {
padding: 8px;
border: 1px solid #ccc;
border-radius: 4px;
font-size: 1em;
}
button {
display: block;
width: 100%;
padding: 10px 15px;
background-color: #4CAF50;
color: white;
border: none;
border-radius: 4px;
font-size: 1.1em;
cursor: pointer;
transition: background-color 0.3s ease;
}
button:hover {
background-color: #45a049;
}
.calculator-result {
margin-top: 20px;
padding: 15px;
background-color: #e8f5e9;
border: 1px solid #c8e6c9;
border-radius: 4px;
font-size: 1.1em;
line-height: 1.6;
}
.calculator-result strong {
color: #2e7d32;
}
var calculateDebtSnowball = function() {
var debt1Name = document.getElementById("debt1Name").value;
var debt1Balance = parseFloat(document.getElementById("debt1Balance").value);
var debt1MinPayment = parseFloat(document.getElementById("debt1MinPayment").value);
var debt2Name = document.getElementById("debt2Name").value;
var debt2Balance = parseFloat(document.getElementById("debt2Balance").value);
var debt2MinPayment = parseFloat(document.getElementById("debt2MinPayment").value);
var debt3Name = document.getElementById("debt3Name").value;
var debt3Balance = parseFloat(document.getElementById("debt3Balance").value);
var debt3MinPayment = parseFloat(document.getElementById("debt3MinPayment").value);
var extraPayment = parseFloat(document.getElementById("extraPayment").value);
var resultDiv = document.getElementById("result");
resultDiv.innerHTML = ""; // Clear previous results
if (isNaN(debt1Balance) || isNaN(debt1MinPayment) || debt1MinPayment <= 0 ||
isNaN(debt2Balance) || isNaN(debt2MinPayment) || debt2MinPayment <= 0 ||
isNaN(debt3Balance) || isNaN(debt3MinPayment) || debt3MinPayment <= 0 ||
isNaN(extraPayment) || extraPayment debt.balance > 0)) {
totalMonths++;
var paymentForSmallestDebt = 0;
// Determine the payment for the current smallest debt
if (currentDebtIndex 0) {
var principalPaid = Math.min(paymentForSmallestDebt, remainingDebts[currentDebtIndex].balance);
remainingDebts[currentDebtIndex].balance -= principalPaid;
remainingDebts[currentDebtIndex].months++;
totalInterestPaid += (paymentForSmallestDebt – principalPaid); // In this simplified model, we assume no interest. For a more complex calculator, interest would be calculated here.
}
// If the smallest debt is paid off, move to the next debt and add its minimum payment plus the snowball
if (remainingDebts[currentDebtIndex].balance <= 0) {
currentExtraPayment += remainingDebts[currentDebtIndex].minPayment; // The minimum payment of the paid-off debt becomes part of the snowball
currentDebtIndex++;
if (currentDebtIndex < remainingDebts.length) {
// Recalculate total monthly payment for the next iteration if needed, although the snowball logic already handles it
// This is more conceptual for this simple simulation
}
}
// Distribute remaining minimum payments to other debts if they are not yet paid off
for (var i = 0; i 0) { // Don't pay min to debt just paid off, or the one currently being snowballed
var minPaymentToOtherDebt = remainingDebts[i].minPayment;
var principalPaidToOther = Math.min(minPaymentToOtherDebt, remainingDebts[i].balance);
remainingDebts[i].balance -= principalPaidToOther;
// For simplicity, interest is not explicitly tracked here as the problem focuses on months.
// A real calculator would need to track interest rates for each debt and calculate accordingly.
}
}
}
// Re-sort to display in the order they were paid off
debts.sort(function(a, b) {
return a.months – b.months;
});
var outputHTML = "
Your Debt Snowball Payoff Plan:
";
outputHTML += "You will be debt-free in " + totalMonths + " months.";
outputHTML += "Total minimum payments across all debts: $" + (debts[0].minPayment + debts[1].minPayment + debts[2].minPayment).toFixed(2) + " per month.";
outputHTML += "With an extra $" + extraPayment.toFixed(2) + " per month, your total monthly payment will start at $" + (debts[0].minPayment + debts[1].minPayment + debts[2].minPayment + extraPayment).toFixed(2) + " and grow as debts are paid off.";
outputHTML += "(Note: This calculation is simplified and does not include interest. For a precise payoff time, interest rates for each debt are crucial.)";
outputHTML += "
Debt Payoff Order:
";
for (var i = 0; i < debts.length; i++) {
outputHTML += "
" + debts[i].name + ": Paid off in " + debts[i].months + " months.