✅ How to Use the Debt Snowball Calculator (Simple Steps)

1. Add your debts

Click “+ Add Debt” and enter each debt you have (credit cards, loans, etc.).

• Balance = what you still owe
• APR = yearly interest rate (example: 18 for 18%)
• Min Payment = the minimum monthly payment your lender asks for

2. Set your Extra Monthly Payment (optional)

• This is the extra money you can pay every month on top of minimum payments.
  Even $25–$100 can reduce years of repayment.

3. Choose a payoff method

• This is the extra money you can pay every month on top of minimum payments.
  Even $25–$100 can reduce years of repayment.

4. Select your Start Month

This is used to calculate an estimated debt-free date.

5.Click “Calculate Plan”

You’ll get:

• Months to become debt-free

• Estimated debt-free date

• Total interest paid

• Total amount paid

6. Print / Save PDF (1 Page)

After calculating, click Print / Save PDF to download a clean report.

✅ Helpful Tips (Real Life)

• If your minimum payments are too low, some debts can take very long to finish. Add even a small extra payment if you can.

• The debt-free date is an estimate, because lenders may calculate interest differently (fees, posting dates, changing APR, etc.).

• If your APR is unknown, check your lender app or statement. If it’s a 0% promo card, enter 0.

✅ Frequently Asked Questions (FAQ)

1) What’s the difference between Snowball and Avalanche?

Snowball pays off the smallest balance first to create quick wins.
Avalanche targets the highest APR first to reduce interest faster.

2) Which method is “better”?

Mathematically, Avalanche usually saves more interest.
But many people succeed more with Snowball because it feels easier and keeps you motivated.

3) What should I put in “APR”?

APR is your yearly interest rate.
Example: if your card says 18% APR, just type 18.

4) Do I need to add extra monthly payment?

No. The tool works with minimum payments only.
But adding extra helps you finish earlier and pay less interest.

5) Why is my debt-free date not exact?

Because this is a calculator estimate. In real life, results can change due to:

• lender interest calculation method

• fees or penalties

• payment posting delays

• APR changes over time

6) Can I use this internationally?

Yes. The tool uses USD because Millionaires Gate is an international website.
You can still enter your local amounts — just treat them as “USD equivalent” for planning.

7) Is my data saved?

If your browser allows it, the tool can save your debts locally on your device (browser storage).
It’s not sent anywhere.

8) Why does it say my plan takes too long?

Usually this happens when minimum payments are very small compared to your balances + APR.
Try increasing your minimum payment or adding an extra amount.