Free Debt Snowball Calculator
Calculate your debt-free date and total interest paid with the Debt Snowball method.
Debt Snowball Calculator Inputs
Enter your debts below to see how the Debt Snowball method can work for you. The calculator assumes you're making minimum payments on all debts except the smallest, on which you're applying extra payment. This extra payment rolls over to the next smallest debt once it's paid off.
Your total take-home pay each month.
Sum of the minimum required payments for all your debts.
The additional amount you can pay towards your smallest debt.
Debt 1
A descriptive name for this debt.
The total amount owed.
Annual Percentage Rate (APR).
The minimum required monthly payment.
Your Debt Snowball Projection
—
Estimated Months to Become Debt-Free
—
Total Interest Paid
—
Total Amount Paid
—
Estimated Payoff Date
The Debt Snowball method prioritizes paying off debts from smallest balance to largest, regardless of interest rate. Extra payments are applied to the smallest debt until it's paid off, then that entire payment amount (minimum + extra) is rolled onto the next smallest debt. This continues until all debts are cleared.
Debt Snowball Projection Details
| Month | Debt Paid Off | Remaining Balance | Total Paid This Month | Interest Paid This Month |
|---|---|---|---|---|
| Enter your debts to see the payment schedule. | ||||
What is the Debt Snowball Method?
The debt snowball method is a popular debt reduction strategy that focuses on psychological wins to keep you motivated. Unlike the debt avalanche method, which prioritizes paying off debts with the highest interest rates first, the debt snowball focuses on paying off debts with the smallest balances first. This strategy leverages the power of positive reinforcement by providing early successes, which can be crucial for individuals struggling with long-term debt payoff.
Who Should Use the Debt Snowball Method?
The debt snowball is ideal for individuals who:
- Feel overwhelmed by their debt and need quick wins for motivation.
- Have struggled to stick to debt reduction plans in the past.
- Are looking for a straightforward, easy-to-follow strategy.
- Have multiple small debts in addition to larger ones.
Common Misconceptions About the Debt Snowball
Several myths surround the debt snowball:
- It's always more expensive: While it *can* result in paying more interest over time than the debt avalanche method, the difference might be smaller than anticipated, and the increased motivation can lead to faster overall payoff, sometimes negating the extra interest.
- It's only for small debts: It can be applied to any debt amount. The principle is to tackle the smallest *balance* first, regardless of its size relative to other debts.
- It's not a real financial strategy: It is a legitimate and effective debt reduction strategy backed by financial experts like Dave Ramsey. Its success lies in behavioral economics and sustained motivation.
Debt Snowball Method: Formula and Mathematical Explanation
The core of the debt snowball isn't a single complex formula for total payoff, but rather a simulation of the payoff process. It involves iteratively applying payments. Here's how it works mathematically:
Step-by-Step Calculation Process
- List Debts: Order all your debts from the smallest balance to the largest balance.
- Minimum Payments: Sum all the minimum monthly payments required for all debts.
- Extra Payment: Determine your "extra" payment amount, which is the additional money you can allocate to debt reduction each month beyond your total minimum payments.
- Target Smallest Debt: Pay the minimum payment on all debts except the smallest one. Apply the minimum payment *plus* the extra payment to the smallest debt.
- Roll Over Payments: Once the smallest debt is paid off, take the entire amount you were paying on it (minimum + extra) and add it to the minimum payment of the *next* smallest debt. This creates a larger payment, accelerating its payoff.
- Repeat: Continue this process, "snowballing" the payments from one debt to the next until all debts are eliminated.
Variable Explanations and Table
To simulate this process, we track several variables:
| Variable | Meaning | Unit | Typical Range |
|---|---|---|---|
| Monthly Income After Taxes | Total take-home pay available for all expenses and debt payments. | Currency (e.g., USD) | $1,000 – $10,000+ |
| Total Minimum Monthly Payments | Sum of all required minimum payments for each debt. | Currency (e.g., USD) | $100 – $5,000+ |
| Extra Monthly Payment | Additional funds dedicated to accelerating debt payoff via snowball. | Currency (e.g., USD) | $50 – $1,000+ |
| Debt Balance | The outstanding principal amount owed for a specific debt. | Currency (e.g., USD) | $100 – $100,000+ |
| Interest Rate (APR) | Annual Percentage Rate charged on the debt. | Percentage (%) | 0.01% – 30%+ |
| Minimum Monthly Payment | The smallest amount required by the lender each month. | Currency (e.g., USD) | $10 – $1,000+ |
| Total Months to Payoff | The estimated time to eliminate all listed debts. | Months | 1 – 120+ |
| Total Interest Paid | The cumulative interest accrued and paid over the payoff period. | Currency (e.g., USD) | $0 – $50,000+ |
Practical Examples of Debt Snowball
Example 1: Getting Started with Moderate Debt
Meet Sarah, who has a monthly income of $4,000 after taxes. Her expenses leave her with $500 extra each month for debt. She has two debts:
- Debt A: $1,200 balance, 15% APR, $40 minimum payment.
- Debt B: $5,000 balance, 6% APR, $150 minimum payment.
Total Minimum Payments = $40 + $150 = $190.
Sarah decides to use her $500 extra payment for the snowball method. Her total monthly debt payment will be $190 (minimums) + $500 (extra) = $690.
Snowball Strategy:
- Months 1-4: Sarah pays $40 (min) + $500 (extra) = $540 on Debt A. Debt A is paid off in roughly 4 months. Total paid towards Debt A: $540 * 4 = $2160. (This is high because it includes extra payments that accelerate payoff. Let's refine calculation for actual payoff).
- Calculator Simulation Result (approximate): Debt A paid off in 4 months. Sarah paid $177.75 in interest on Debt A.
- Months 5 onwards: Sarah now rolls the $540 payment (min $40 + extra $500) onto Debt B. Her new payment for Debt B is $150 (min) + $540 = $690.
- Calculator Simulation Result (approximate): Debt B is paid off in an additional 8 months. Sarah pays $320 in interest on Debt B during this time.
Overall Results:
- Total payoff time: ~12 months.
- Total interest paid: ~$497.75 ($177.75 + $320).
- Total paid: $1,200 (Debt A) + $5,000 (Debt B) + $497.75 (Interest) = $6,697.75.
Sarah feels a huge sense of accomplishment after clearing Debt A quickly!
Example 2: Tackling More Debts with Higher Interest
John has a monthly income of $6,000. After expenses, he has $1,200 extra for debt repayment. He has three debts:
- Student Loan: $8,000 balance, 5% APR, $100 minimum payment.
- Car Loan: $15,000 balance, 7% APR, $300 minimum payment.
- Credit Card: $3,000 balance, 22% APR, $75 minimum payment.
Total Minimum Payments = $100 + $300 + $75 = $475.
John's total monthly debt payment = $475 (minimums) + $1200 (extra) = $1675.
Snowball Strategy (ordered by balance):
- Credit Card: $3,000 balance, 22% APR, $75 minimum.
- Student Loan: $8,000 balance, 5% APR, $100 minimum.
- Car Loan: $15,000 balance, 7% APR, $300 minimum.
Month 1:
- Credit Card: Pay $75 (min) + $1200 (extra) = $1275.
- Student Loan: Pay $100 (min).
- Car Loan: Pay $300 (min).
Calculator Simulation Result (approximate): The $3,000 credit card is paid off in ~3 months. Interest paid: ~$150.
Month 4 onwards:
- Student Loan: Pay $100 (min) + $1275 (rolled over) = $1375.
- Car Loan: Pay $300 (min).
Calculator Simulation Result (approximate): The $8,000 student loan is paid off in ~7 months. Interest paid: ~$420.
Month 11 onwards:
- Car Loan: Pay $300 (min) + $1375 (rolled over) = $1675.
Calculator Simulation Result (approximate): The $15,000 car loan is paid off in ~10 months. Interest paid: ~$1,500.
Overall Results:
- Total payoff time: ~20 months.
- Total interest paid: ~$2,070 ($150 + $420 + $1,500).
- Total paid: $3,000 + $8,000 + $15,000 + $2,070 = $28,070.
John successfully eliminated his debts in under two years, freeing up significant cash flow.
How to Use This Free Debt Snowball Calculator
Our free debt snowball calculator is designed for simplicity and clarity. Follow these steps to get your personalized debt payoff plan:
- Enter Monthly Income: Input your total monthly income after taxes.
- Enter Total Minimum Payments: Sum up the minimum required payments for *all* your debts.
- Enter Extra Payment: Decide how much *extra* money you can put towards your debts each month. This is the amount that will fuel your snowball.
- Add Your Debts: Click "Add Another Debt" to list each of your outstanding debts. For each debt, provide:
- Debt Name: A simple label (e.g., "Visa Card," "Car Loan").
- Current Balance: The total amount currently owed.
- Interest Rate (APR): The annual interest rate.
- Minimum Monthly Payment: The required minimum payment.
- View Results: The calculator will automatically update the following:
- Primary Result: The estimated total number of months to become debt-free.
- Intermediate Results: Total interest paid and total amount paid across all debts.
- Final Payment Date: An estimated date when all debts will be cleared.
- Analyze the Table: The detailed payment table shows a month-by-month breakdown, indicating which debt is being targeted, the remaining balance, and how much is paid.
- Use the Chart: The visual chart provides a clear overview of your progress, showing how the balances decrease over time.
- Reset or Add More: Use the "Reset" button to start over or "Add Another Debt" if you have more to input.
- Copy Results: Use the "Copy Results" button to save your projection details.
Decision-Making Guidance: The primary output (months to payoff) helps you set realistic goals. Comparing the "Total Interest Paid" with other methods (like debt avalanche) can inform your decision if motivation isn't the primary driver. The detailed table and chart visualize your progress, keeping you motivated.
Key Factors That Affect Debt Snowball Results
Several factors significantly influence the outcome of your debt snowball payoff plan:
- Extra Payment Amount: This is arguably the most crucial factor. The larger the extra payment, the faster you'll pay off debts and the less interest you'll accrue. Even small increases can make a big difference.
- Interest Rates (APR): While the snowball method ignores interest rates for ordering, high APRs on your debts will still increase the total interest paid and the overall cost of debt if they are not the smallest balance. Debts with very high APRs are financially damaging.
- Debt Balances: The order is determined by balance. Debts with larger balances will naturally take longer to pay off once they become the target of the snowball.
- Minimum Payment Amounts: The sum of minimum payments impacts how much "room" you have for extra payments. Higher minimums on larger debts mean less flexibility.
- Consistency and Adherence: The plan only works if you consistently make the calculated payments. Unexpected expenses or lifestyle inflation can derail your progress. Sticking to the plan is paramount.
- Income Fluctuations: Changes in your monthly income (raises, bonuses, or job loss) will directly impact your ability to make extra payments and thus the speed of your debt payoff.
- Fees and Penalties: Late fees, over-limit fees, or prepayment penalties (rare, but possible) can add unexpected costs and lengthen your payoff timeline. Ensure you understand all terms.
- Inflation: While not directly calculated in simple models, inflation erodes the purchasing power of money. Paying off high-interest debt quickly means protecting your future income from being eaten by interest payments.
Frequently Asked Questions (FAQ)
Q1: Is the debt snowball method truly "free"?
A: The calculator is free to use. The "debt snowball" method itself isn't free in the sense that it requires you to pay off your debts. However, it is a strategy that doesn't involve taking out new loans or paying for financial advice to implement. You use your existing income and redirect funds from minimum payments and extra payments.
Q2: How does the debt snowball compare to the debt avalanche?
A: The debt avalanche prioritizes debts by highest interest rate first, saving you the most money on interest over time. The debt snowball prioritizes by smallest balance first, providing psychological wins and motivation. The best method depends on your personality and financial discipline.
Q3: What if I have multiple debts with the same balance?
A: If two debts have the same smallest balance, you can choose either one to tackle first. Some people prefer to pay off the one with the higher interest rate first in this scenario to slightly reduce overall interest, while others might pick the one that feels easier to get rid of (e.g., smaller minimum payment).
Q4: Can I use the debt snowball method if my minimum payments are very high?
A: Yes, but your extra payment amount will be smaller, meaning the snowball will grow more slowly. The key is to find any amount, however small, that you can consistently put towards your smallest debt.
Q5: What if I receive a bonus or unexpected money?
A: A bonus, tax refund, or any windfallexpected is a perfect opportunity to accelerate your debt snowball. Apply the entire amount to your smallest debt to pay it off even faster or to the current target debt to speed up the process significantly.
Q6: How does this calculator handle interest calculations?
A: The calculator simulates monthly payments, calculating the interest accrued for that month based on the outstanding balance and APR, and then subtracting the payment amount (minimum + snowball portion). It iteratively does this month by month.
Q7: What if my minimum payment is higher than the balance?
A: In such a case, the debt would be paid off immediately with that month's minimum payment. The extra payment would then immediately roll over to the next smallest debt.
Q8: Should I include debts like my mortgage in the debt snowball?
A: Typically, the debt snowball is recommended for non-mortgage, non-student loan debt (like credit cards, personal loans, medical bills). These often have higher interest rates and are more emotionally burdensome. Mortgages and student loans often have lower interest rates and longer terms, and paying them off using the snowball method might not be the most financially efficient approach. Prioritize unsecured, high-interest debt first.
Q9: What happens after I pay off all my debts?
A: Congratulations! Once all debts are paid off, you have freed up significant cash flow. The next step is to redirect all the money you were using for debt payments (minimums + extra snowball amount) towards savings, investing, or other financial goals like building an emergency fund or retirement.
Related Tools and Internal Resources
Debt ${debtIndex + 1}
A descriptive name for this debt.
The total amount owed.
Annual Percentage Rate (APR).
The minimum required monthly payment.
`;
container.appendChild(newDebtDiv);
// Add event listeners to the new inputs for real-time validation
document.getElementById(`debtName_${debtIndex}`).addEventListener('input', function() { validateDebtInput(debtIndex, this.id, `debtNameError_${debtIndex}`); calculateDebtSnowball(); });
document.getElementById(`debtBalance_${debtIndex}`).addEventListener('input', function() { validateDebtInput(debtIndex, this.id, `debtBalanceError_${debtIndex}`, 0); calculateDebtSnowball(); });
document.getElementById(`debtInterestRate_${debtIndex}`).addEventListener('input', function() { validateDebtInput(debtIndex, this.id, `debtInterestRateError_${debtIndex}`, 0); calculateDebtSnowball(); });
document.getElementById(`debtMinPayment_${debtIndex}`).addEventListener('input', function() { validateDebtInput(debtIndex, this.id, `debtMinPaymentError_${debtIndex}`, 0); calculateDebtSnowball(); });
// Initial calculation after adding
calculateDebtSnowball();
}
function resetCalculator() {
document.getElementById('monthlyIncome').value = '4500';
document.getElementById('totalMinimumPayments').value = '850';
document.getElementById('extraPayment').value = '200';
var debtEntriesContainer = document.getElementById('debtEntriesContainer');
debtEntriesContainer.innerHTML = "; // Clear existing debts
// Add initial default debt
var defaultDebtDiv = document.createElement('div');
defaultDebtDiv.className = 'debt-entry';
defaultDebtDiv.setAttribute('data-debt-index', '0');
defaultDebtDiv.innerHTML = `
Debt 1
A descriptive name for this debt.
The total amount owed.
Annual Percentage Rate (APR).
The minimum required monthly payment.
`;
debtEntriesContainer.appendChild(defaultDebtDiv);
// Add event listeners to the new inputs for real-time validation
document.getElementById('debtName_0').addEventListener('input', function() { validateDebtInput(0, this.id, 'debtNameError_0'); calculateDebtSnowball(); });
document.getElementById('debtBalance_0').addEventListener('input', function() { validateDebtInput(0, this.id, 'debtBalanceError_0', 0); calculateDebtSnowball(); });
document.getElementById('debtInterestRate_0').addEventListener('input', function() { validateDebtInput(0, this.id, 'debtInterestRateError_0', 0); calculateDebtSnowball(); });
document.getElementById('debtMinPayment_0').addEventListener('input', function() { validateDebtInput(0, this.id, 'debtMinPaymentError_0', 0); calculateDebtSnowball(); });
calculateDebtSnowball();
}
function calculateDebtSnowball() {
// Clear previous results and table
document.getElementById('totalMonthsToPayoff').textContent = '–';
document.getElementById('totalInterestPaid').textContent = '–';
document.getElementById('totalPaid').textContent = '–';
document.getElementById('finalPaymentDate').textContent = '–';
var tableBody = document.getElementById('paymentTableBody');
tableBody.innerHTML = ";
simulationData = []; // Clear simulation data
// Validate main inputs
var incomeValid = validateInput('monthlyIncome', 'monthlyIncomeError', 0);
var totalMinPaymentValid = validateInput('totalMinimumPayments', 'totalMinimumPaymentsError', 0);
var extraPaymentValid = validateInput('extraPayment', 'extraPaymentError', 0);
if (!incomeValid || !totalMinPaymentValid || !extraPaymentValid) {
return;
}
var monthlyIncome = parseFloat(document.getElementById('monthlyIncome').value);
var totalMinimumPayments = parseFloat(document.getElementById('totalMinimumPayments').value);
var extraPayment = parseFloat(document.getElementById('extraPayment').value);
var totalMonthlyPayment = totalMinimumPayments + extraPayment;
if (totalMonthlyPayment > monthlyIncome) {
var incomeErrorDisplay = document.getElementById('monthlyIncomeError');
incomeErrorDisplay.textContent = 'Total monthly payments exceed monthly income. Adjust income or payments.';
incomeErrorDisplay.style.display = 'block';
document.getElementById('monthlyIncome').style.borderColor = '#dc3545';
document.getElementById('totalMinimumPayments').style.borderColor = '#dc3545';
document.getElementById('extraPayment').style.borderColor = '#dc3545';
return;
} else {
document.getElementById('monthlyIncome').style.borderColor = ";
document.getElementById('totalMinimumPayments').style.borderColor = ";
document.getElementById('extraPayment').style.borderColor = ";
}
// Collect and validate debt details
var debtEntries = document.querySelectorAll('.debt-entry');
debts = [];
var allDebtsValid = true;
for (var i = 0; i < debtEntries.length; i++) {
var index = debtEntries[i].getAttribute('data-debt-index');
var debtName = document.getElementById('debtName_' + index).value;
var balance = parseFloat(document.getElementById('debtBalance_' + index).value);
var interestRate = parseFloat(document.getElementById('debtInterestRate_' + index).value) / 100;
var minPayment = parseFloat(document.getElementById('debtMinPayment_' + index).value);
var debtNameValid = validateDebtInput(index, 'debtName_' + index, 'debtNameError_' + index);
var balanceValid = validateDebtInput(index, 'debtBalance_' + index, 'debtBalanceError_' + index, 0);
var interestRateValid = validateDebtInput(index, 'debtInterestRate_' + index, 'debtInterestRateError_' + index, 0);
var minPaymentValid = validateDebtInput(index, 'debtMinPayment_' + index, 'debtMinPaymentError_' + index, 0);
if (!debtNameValid || !balanceValid || !interestRateValid || !minPaymentValid) {
allDebtsValid = false;
}
// Ensure minimum payment is not more than balance if balance is small
if (balance 0) {
minPayment = balance; // Pay off debt immediately if min payment exceeds balance
} else if (balance === 0) {
minPayment = 0; // No minimum payment needed if balance is zero
}
if (balance > 0) { // Only add debts that still have a balance
debts.push({
id: index,
name: debtName,
balance: balance,
interestRate: interestRate,
minPayment: minPayment,
originalMinPayment: minPayment, // Store original min payment for later
paidOff: false
});
}
}
if (!allDebtsValid) {
return; // Stop if any debt input is invalid
}
// Sort debts by balance (smallest first)
debts.sort(function(a, b) {
return a.balance – b.balance;
});
var totalMonths = 0;
var totalInterest = 0;
var totalAmountPaid = 0;
var currentExtraPayment = extraPayment; // Start with the initial extra payment
var payoffDate = new Date(currentDate); // Start from today
// Simulation loop
var activeDebts = debts.filter(function(debt) { return debt.balance > 0; });
while (activeDebts.length > 0) {
currentMonth++;
var monthPayment = 0;
var monthInterest = 0;
var debtPaidThisMonth = null;
var snowballAmountRolled = 0;
// Identify the smallest debt (which is the first in the sorted activeDebts array)
var smallestDebt = activeDebts[0];
// Calculate payment for the smallest debt: its min payment + current snowball amount
var paymentToSmallest = smallestDebt.minPayment + currentExtraPayment;
// Ensure we don't overpay the smallest debt if its balance is less than the calculated payment
if (paymentToSmallest > smallestDebt.balance) {
paymentToSmallest = smallestDebt.balance;
}
// Calculate interest accrued this month on the smallest debt
var interestOnSmallest = smallestDebt.balance * (smallestDebt.interestRate / 12);
// Apply payment: first cover interest, then principal
var principalPaidOnSmallest = paymentToSmallest – interestOnSmallest;
// Ensure principal paid is not negative (if payment only covers interest)
if (principalPaidOnSmallest < 0) principalPaidOnSmallest = 0;
smallestDebt.balance -= principalPaidOnSmallest;
monthInterest += interestOnSmallest;
monthPayment += paymentToSmallest;
var isSmallestDebtPaidOff = false;
if (smallestDebt.balance 0) {
currentExtraPayment += smallestDebt.originalMinPayment; // Add its minimum payment to the snowball
} else {
currentExtraPayment = 0; // No more snowball if all debts are paid
}
}
// Process payments for other active debts (only their minimums)
for (var j = 1; j < activeDebts.length; j++) {
var otherDebt = activeDebts[j];
var interestOnOther = otherDebt.balance * (otherDebt.interestRate / 12);
var paymentToOther = otherDebt.minPayment;
// Ensure payment covers at least the minimum interest
if (paymentToOther < interestOnOther) {
paymentToOther = interestOnOther; // Only pay interest if minimum is less than interest
}
var principalPaidOnOther = paymentToOther – interestOnOther;
if (principalPaidOnOther < 0) principalPaidOnOther = 0;
otherDebt.balance -= principalPaidOnOther;
monthInterest += interestOnOther;
monthPayment += paymentToOther;
if (otherDebt.balance 0 ? otherDebt.balance.toFixed(2) : 0,
totalPaidThisMonth: otherDebt.minPayment, // Only minimum payment is applied here
interestPaidThisMonth: interestOnOther
});
}
}
// If smallest debt was paid off, we already recorded it. Now add the rest of the payments for this month.
if (isSmallestDebtPaidOff && activeDebts.length > 0) { // If smallest was paid and there are MORE debts
// The full snowball payment was already accounted for the smallest debt.
// Now add the minimum payments for the remaining debts.
// This loop is slightly redundant, refining this:
var currentMonthTotalPayment = 0;
var currentMonthTotalInterest = 0;
// Smallest debt payment (already calculated)
var smallestDebtPayment = paymentToSmallest;
currentMonthTotalPayment += smallestDebtPayment;
currentMonthTotalInterest += interestOnSmallest;
// Minimum payments for remaining debts
for (var k = 0; k < activeDebts.length; k++) {
var remainingDebt = activeDebts[k];
var interestOnRemaining = remainingDebt.balance * (remainingDebt.interestRate / 12);
var paymentToRemaining = remainingDebt.minPayment;
if (paymentToRemaining < interestOnRemaining) {
paymentToRemaining = interestOnRemaining;
}
var principalPaidOnRemaining = paymentToRemaining – interestOnRemaining;
if (principalPaidOnRemaining < 0) principalPaidOnRemaining = 0;
remainingDebt.balance -= principalPaidOnRemaining;
currentMonthTotalInterest += interestOnRemaining;
currentMonthTotalPayment += paymentToRemaining;
if (remainingDebt.balance 0 ? remainingDebt.balance.toFixed(2) : 0,
totalPaidThisMonth: paymentToRemaining,
interestPaidThisMonth: interestOnRemaining
});
}
monthPayment = currentMonthTotalPayment;
monthInterest = currentMonthTotalInterest;
} else if (!isSmallestDebtPaidOff) { // If the smallest debt was NOT paid off this month
// The initial calculation for smallestDebt and the loop for otherDebts already covered this month's total payment and interest.
// We need to record the state of *all* debts at the end of the month.
// Re-record smallest debt state if it wasn't paid off
if(smallestDebt.balance > 0) {
simulationData.push({
month: currentMonth,
debtName: smallestDebt.name,
balanceRemaining: smallestDebt.balance.toFixed(2),
totalPaidThisMonth: paymentToSmallest,
interestPaidThisMonth: interestOnSmallest
});
}
}
// Update total paid and total interest
totalAmountPaid += monthPayment;
totalInterest += monthInterest;
// Check if all debts are paid off
var allPaidOff = activeDebts.every(function(debt) { return debt.balance <= 0.01; });
if (allPaidOff) {
break; // Exit loop if all debts are cleared
}
// Advance date
payoffDate.setMonth(payoffDate.getMonth() + 1);
}
totalMonths = currentMonth;
// Display results
document.getElementById('totalMonthsToPayoff').textContent = totalMonths;
document.getElementById('totalInterestPaid').textContent = '$' + totalInterest.toFixed(2);
document.getElementById('totalPaid').textContent = '$' + totalAmountPaid.toFixed(2);
document.getElementById('finalPaymentDate').textContent = payoffDate.toLocaleDateString('en-US', { month: 'long', year: 'numeric' });
// Populate payment table
populatePaymentTable();
updateChart();
}
function populatePaymentTable() {
var tableBody = document.getElementById('paymentTableBody');
tableBody.innerHTML = ''; // Clear existing rows
if (simulationData.length === 0) {
tableBody.innerHTML = '