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Snowball
Sarahcuzz
Posts: 25 Forumite
Hi, I think I'm being really thick!
Do I need to put the mortgage in the snowballing calculation? Also with secured loans on the SOA I have done these are already deducted prior to the 'money left over for debt repayment', so do I need to include them. Thanks
Do I need to put the mortgage in the snowballing calculation? Also with secured loans on the SOA I have done these are already deducted prior to the 'money left over for debt repayment', so do I need to include them. Thanks
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Comments
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Hi Sarah,
You only put the debts you are looking to clear into the snowball calculator. Unless you are looking to pay off the mortgage ASAP after other debts then there is no need to put this in it.
HTHI’m a Forum Ambassador and I support the Forum Team on the Budgeting & Bank Accounts, Credit Cards, Credit File & Ratings and Energy boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
If you can't be the best -
Just be better than you were yesterday.0 -
As Dobbibill says. But if you do put it in, it won't matter as long as you don't select to pay off the largest debt first. Normally, it would be your lowest APR so would only be paid minimums until all other debts are cleared. If by any chance you do have debts at a lower APR, it will make financial sense to pay the mortgage before these. And if you select to pay debts off highest APR first, that is what the Snowball calculator will show.0
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Is there a snowball calculator available as a link?
I have searched but no luck.
Sorry to hijack your thread!0 -
Is there a snowball calculator available as a link?
I have searched but no luck.
Sorry to hijack your thread!
This one, you mean?
http://www.whatsthecost.com/snowball.aspxI’m a Forum Ambassador and I support the Forum Team on the Budgeting & Bank Accounts, Credit Cards, Credit File & Ratings and Energy boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
If you can't be the best -
Just be better than you were yesterday.0
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