Minimum payment equivalent to snowball calculator?

Jenny2008

Does anyone know if there is an equivalent to the snowball calculator that calculates how long it will take / how much you would pay in interest if you only ever made minimum payments on credit card and loan debts?

The snowball calcuator is terrific, but I'm really interested to compare the difference between making minimum repayments only and snowballing.

Any ideas?

Thanks!

~Beanie~

There is the option on the snowball calculator of entering the minimum payment as a percentage of the balance, your credit card statement should state what this is.

That will show you how long to repay using minimum payments only. It's quite scary, paying the minimum 3% of balance, one of my CC's will take 45 years to repay and I will pay £11,359 in interest (on a £3K balance). :eek:

tirlittan

There's also one one this site. If you look on the right hand side and scroll down to free tools, it's there, called minimum repayment calculator.

Jenny2008

~Beanie~ wrote: »

There is the option on the snowball calculator of entering the minimum payment as a percentage of the balance, your credit card statement should state what this is.

That will show you how long to repay using minimum payments only. It;s quite scary, paying the minimum 3% of balance, one of my CC's will take 45 years to repay and I will pay £11,359 in interes (on a £3K balance). :eek:

Ah right, I hadn't discovered that!

Thank you Beanie. I shall have a play and get scared :rotfl: