Does a snowball calculator exist for this situation??

[neatdesign]

I've searched for an online snowball payment calculator to fit our circumstances but just can't seem to find one. I'm hoping someone on here might have some suggestions. Here's the deal:

We have a lot of credit card debt we've been trying to pay down for quite some time now. We have several cards and nearly all of them are at special BT rates (except one). All of the snowball calculators I've found so far have, by default, the highest APR balance being paid off first. And in theory, I think that's a good approach.

But we have two credit cards at 0% each which MUST be paid off FIRST, by next Feb and March, before the 0% rate expires. I can't find a snowball calculator that will take this into consideration. Instead, the calculators assume that the 0% balances can be paid last, which is the exact opposite of our situation.

I suck at math and feel uncomfortable relying on my own calculations. (Hubby leaves all this stuff to me, if you're wondering!)

Any ideas or suggestions?

~ Jenney

[puck36]

I would list the debts smallest amount to largest amounts and work the snowball by paying off the smallest one first. I don't care about the rate. The faster you can knock out the smaller ones the faster you can knock out the lager ones because you will have more money to go after the lager ones.

[neatdesign]

Originally Posted by puck36

I would list the debts smallest amount to largest amounts and work the snowball by paying off the smallest one first. I don't care about the rate. The faster you can knock out the smaller ones the faster you can knock out the lager ones because you will have more money to go after the lager ones.

But we HAVE to take the APRs into account. If we paid off our smallest balances first -- which are NOT at 0% -- and ignored the 0% expiration dates, we'd be stuck with thousands of dollars that are at 15% or 17%, as opposed to paying them off in full, interest-free.

~ Jenney

[puck36]

Then I would get a loan that will cover all your debts with 0% and then list your debts from smallest amount to largest amount and work the snowball.

[neatdesign]

Originally Posted by puck36

Then I would get a loan that will cover all your debts with 0% and then list your debts from smallest amount to largest amount and work the snowball.

Unfortunately that isn't an option.

I'm looking for a snowball calculator that will allow me to enter the limited-time 0% APRs so that they can be paid off by a specific date, even if it means higher APR balances will be paid off later than that. I'm sorry if I wasn't specific enough in my original post.

~ Jenney

[jIM_Ohio]

Originally Posted by neatdesign

I've searched for an online snowball payment calculator to fit our circumstances but just can't seem to find one. I'm hoping someone on here might have some suggestions. Here's the deal:

We have a lot of credit card debt we've been trying to pay down for quite some time now. We have several cards and nearly all of them are at special BT rates (except one). All of the snowball calculators I've found so far have, by default, the highest APR balance being paid off first. And in theory, I think that's a good approach.

But we have two credit cards at 0% each which MUST be paid off FIRST, by next Feb and March, before the 0% rate expires. I can't find a snowball calculator that will take this into consideration. Instead, the calculators assume that the 0% balances can be paid last, which is the exact opposite of our situation.

I suck at math and feel uncomfortable relying on my own calculations. (Hubby leaves all this stuff to me, if you're wondering!)

Any ideas or suggestions?

~ Jenney

Why not just do it- why do you need a calculator?
If you post more details you will get a better answer. WHY do you need to pay off the 0% ones first? What are the total debts you owe? what are minimum payments, what are the interest rates, and what is your budget? what is your income?

without any of the above a complete solution will not be given.

[neatdesign]

Originally Posted by jIM_Ohio

Why not just do it- why do you need a calculator?
If you post more details you will get a better answer. WHY do you need to pay off the 0% ones first? What are the total debts you owe? what are minimum payments, what are the interest rates, and what is your budget? what is your income?

without any of the above a complete solution will not be given.

As I mentioned in my other posts, the 0% rate on two of our cards does not last forever. On one card the 0% rate expires in February 2010, and on the other card the 0% rate expires in March 2010. Obviously the goal is to pay both of those cards off in full before the 0% expires and jumps up to the regular purchase rates (which is in the double-digit range).

It's irrelevant how much we owe on on our cards. A snowball payment calculator will either take into consideration accounts with specific pay-off dates, or it won't. None of the ones I've found so far allows this. Well -- I did find ONE, which has the option to enter an introductory APR and expiration (Snowball debt calculator - Become debt free at WhatsTheCost.com) -- but it didn't work after I'd entered all the information in, some sort of glitch occurred. Basically if I could find a snowball calculator like that which DOES work, that's what I'm looking for.

Otherwise I'll just have to stick to my own calculations and see what happens...

~ Jenney

[disneysteve]

Originally Posted by puck36

I would list the debts smallest amount to largest amounts and work the snowball by paying off the smallest one first. I don't care about the rate. The faster you can knock out the smaller ones the faster you can knock out the lager ones because you will have more money to go after the lager ones.

Even though this has nothing to do with the original question, I wanted to address this. With apologies to Dave Ramsey, this is lousy advice that could cost you hundreds or even thousands of dollars in excess interest fees. Your system would have someone repaying a 0% loan before repaying a 30% loan which simply doesn't make sense. You should always focus on the debt that is costing you the most money to have. You will be debt free faster and at a lower total cost by paying from highest interest rate to lowest interest rate.

[wnlbutterfly]

Try powerpay.org, it is a snowball calculator also. You can list your debt any the order YOU want.

[wnlbutterfly]

These calculators don't take into consideration because they don't know when the interest rate will change (although I thought one had a spot for "introductory APR", but can't remember which it was).

I think the advice we get are good guidelines, but we have to really look at our own situation and decide which is best. I have skipped over one CC even though it should have been paid on sooner (according to DR), because it has a low %, and the minimum payment isn't all that much, I would rather sink that money into another card that is fairly close in balance and when it is paid off I have $50 to snowball instead of $12.

We paid off our car loan early (even though the balance was higher than some CC) because then I could snowball $284 a month into the CC AND change the car insurance (save another $85 a month to snowball).

Those are the exceptions I have made, and I believe they were positive ones to do.

[neatdesign]

Originally Posted by wnlbutterfly

Try powerpay.org, it is a snowball calculator also. You can list your debt any the order YOU want.

THANK YOU!!! This is exactly what I've been looking for! This is perfect, I really can't thank you enough!

~ Jenney

[wnlbutterfly]

You are welcome! Glad I could help!

[jIM_Ohio]

Originally Posted by neatdesign

As I mentioned in my other posts, the 0% rate on two of our cards does not last forever. On one card the 0% rate expires in February 2010, and on the other card the 0% rate expires in March 2010. Obviously the goal is to pay both of those cards off in full before the 0% expires and jumps up to the regular purchase rates (which is in the double-digit range).

It's irrelevant how much we owe on on our cards. A snowball payment calculator will either take into consideration accounts with specific pay-off dates, or it won't. None of the ones I've found so far allows this. Well -- I did find ONE, which has the option to enter an introductory APR and expiration (Snowball debt calculator - Become debt free at WhatsTheCost.com) -- but it didn't work after I'd entered all the information in, some sort of glitch occurred. Basically if I could find a snowball calculator like that which DOES work, that's what I'm looking for.

Otherwise I'll just have to stick to my own calculations and see what happens...

~ Jenney

This information sheds more insight into solution.

Pay off the OTHER cards now- because you have 10 months before you lose the 0% rate, then once other cards are paid off, start on the 0% rate cards.

Paying off the 0% rates first is the wrong way to think about the problem.

[neatdesign]

Originally Posted by jIM_Ohio

This information sheds more insight into solution.

Pay off the OTHER cards now- because you have 10 months before you lose the 0% rate, then once other cards are paid off, start on the 0% rate cards.

Paying off the 0% rates first is the wrong way to think about the problem.

You're assuming that 1) we'll be able to pay off our other cards as quickly as we can pay off the 0% cards; and 2) our other cards have higher APRs than the two cards will have after the 0% expires. Neither is the case.

~ Jenney

[jIM_Ohio]

Originally Posted by neatdesign

You're assuming that 1) we'll be able to pay off our other cards as quickly as we can pay off the 0% cards; and 2) our other cards have higher APRs than the two cards will have after the 0% expires. Neither is the case.

~ Jenney

Instead of making me assume, post details. If you give general information, you get general advice (which you are rejecting). Give specific information to get specific advice.

Bottom line is you are willing to incur 10 months of interest payments on cards while paying down balance which is not charging you interest. I am guessing your financial naivity is what caused this mess to begin with.

[poundwise]

To be fair, the OP did not ask for advice on how to pay or for critique or suggestion on that point but, rather, how to calculate accurately according to the payment method desired.

I've searched for an online snowball payment calculator to fit our circumstances but just can't seem to find one. I'm hoping someone on here might have some suggestions.

I'm looking for a snowball calculator that will allow me to enter the limited-time 0% APRs so that they can be paid off by a specific date, even if it means higher APR balances will be paid off later than that. I'm sorry if I wasn't specific enough in my original post.

As they have received a reply that provided "exactly what I've been looking for," this thread is now closed.