- Start payoff with
- Select the order you would like to pay off your debt.
- Current payment
- This is the total of your minimum monthly payments for all of your current loans and credit cards. This is your current total only. As your debt is paid off, the minimum monthly payment for credit cards can decrease.
- Accelerator amount
- This dollar amount is in addition to your monthly minimum payments that you will use to pay down your debt. The higher this amount, the faster your debt will be paid off. It is important that your accelerator amount is one that you can afford. For the snowball method to be effective you must be consistent in your payments. Should you choose an amount that is too high, you may become discouraged if you are unable to meet your payment goal.
- Balance
- Your total current balance for this loan or credit card.
- rate
- The annual percentage rate you pay for this loan or credit card. The rate you enter is used to calculate the interest on all future loan or credit card payments. The length of time to pay off this debt may be much greater than calculated if you enter a low promotional interest rate that is only good for a short period of time.
- Payment
- This is your monthly payment.
