undebt.it Snowball Calculator

copperman05

I have recently discovered this online debt snowball calculator undebt.it via the YNAB facebook page. I've been quite impressed with it so thought I'd share it here as many of you may not know of it and might find it useful.
Basically its a free tool where you enter in your debts, listing the minimum payments and interest. The calculator can then give you different payment options, debt snowball (smallest first), debt avalanche (highest interest first), etc to see which will pay of your debts sooner. You can also create you own custom payment plan, prioritising which debts you want to pay first, which you can also compare to the other methods.
What I've find most useful the fact that it will show you the snowballed amounts each month so you know exactly what to pay as each debt gets paid off and funds released. It will also show you how much interest you are paying over the payment period and adjust your debts accordingly.
As said its free for the basic verison, (they do a premium version for $12 a year I think) but to be honest the free version has all you need to help keep track of your debts (and $12 isn't expensive if you want to upgrade).
Overall I've been pretty impressed with this tool, I'm an avid user of YNAB and whilst YNAB is great for day to day cash flow, undebt.it allows you to really concentrate on your debt repayment plan and if nothing else confirms that your on the right track.
Would be interested to hear if many others have used it and what you thought of it.

angelpye

It sound similar to the free tool people usually recommend on here?

copperman05

Not sure, have you got a link?

abby1234519

whatsthecost.com

Simpler and less complicated

copperman05

I dont see how its complicated at all...

Whatsthecost whilst useful doesnt actually track your debts, you enter in the debts and it tells you how to snowball, but there's no way to save this info for later.

A bit like the MSE budget planner can see what your monthly budgeting but its not YNAB.

So a bit similar but not the same

abby1234519

copperman05 wrote: »

I dont see how its complicated at all...

Whatsthecost whilst useful doesnt actually track your debts, you enter in the debts and it tells you how to snowball, but there's no way to save this info for later.

A bit like the MSE budget planner can see what your monthly budgeting but its not YNAB.

So a bit similar but not the same

Yes it does? you save the snowball and enter the payments month by month.

I really don't get on the layout of undebt.it, just doesn't work for me. Too many boxes to fill in when I just want to enter the basic info, I'm not biased in the sense that I've never tried undebt it. I tried it for 3 months and just couldn't get over my hang ups with it

copperman05

I guess if your used to one thing its difficult to get used to doing it another and vise versa...

angelpye

This is the one I use:http://www.stoozing.com/calculator/snowball-calculator.php

Does the job for me but like you said horses for courses. I love YNAB but I know some really don't get on with it and prefer their own spreadsheets or traditional pen and paper. Its great when you do find out what works for you though, so thank you for sharing as I am sure someone will find it useful.