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Da ve ramsey mortgage calculator12/10/2023 ![]() Your new larger snowball becomes the extra payment that you apply to the next debt in the sequence. So, that payment amount gets rolled into your snowball. The snowball is the extra payment that you will make on your current debt target.Īfter you pay off your first debt, you no longer need to make the minimum payment on that debt. The total monthly debt payment remains the same from month to month. When applied to debt reduction, the snowball effect refers to how your extra payment grows as you pay off each debt.Īs defined above, the snowball is the difference between your total minimum payments and your total monthly debt payment. The snowball effect is the idea that a snowball grows as it rolls down a hill. Experiment with choosing different payoff strategies or use the Custom column to choose the order to target your debts.
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