Debt Snowball Calculator

Overall I think it is a good debt calculator but I would make a few changes. For instance when I put in one of my debts I like putting in the exact interest rate especially on student loan debts. Well the app rounds it to an even percentage which isn’t that accurate. I would like the app to use my exact percentage. Also, I would like it to pay off my debt month by month as I go and be able to put in what I actually owe that month and that might be different than what my actual monthly payment is (its student loans so they are very different) and I would also like it to ask how much extra if any that I paid for that month. I think all of these extra features would add more focus and help see when I’m expected to pay off my debts.

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While I like the concept of logging my debts and their details, I was expecting much more from this app. I was expecting to list the debt and the details, then see an actual tracker to include me listing the payments made and seeing the balance decrease ... similar to the way I have it set on my excel spreadsheet which is what I will stick to using. We all know that feeling you get from seeing a balance decrease and this app doesn’t do it for me. It’s very basic and not helpful at all. I don’t have a ton of debt but I don’t think this app being provided at its full potential. I’m sure there are some other features that could be applied to make this app #1 but in its current state it’s just not what I need. The purpose of using this app is to stay on top of paying down debt and this app is very boring and doesn’t motivate you, remind you, allow you to set goals (or send any alerts when you’ve reached a goal), have any cool color schemes or anything ... you’d be better off saving your money and using excel. At least it’s free and customizable!

I love the app, but I would like to able to add the extra payment to a debt specifically instead of the app doing it on its own. And then it can apply it to the following debt on its own once the smaller one is paid. The 3 options for the extra payments are a bit confusing to me. It would be great to see how much you actually paid to that debt including interest in the app, like to be able to click within that specific debt and see it. Overall, great app and best $2 I ever spent on a debt calculator. I’ve been looking for something like this that also calculates my interests.

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I wish I had read reviews before purchasing this one. The only payoff method is paying lowest balances first. The dev responded to another review stating that paying highest interest rates first is called “debt avalanche”, but I have *never* heard of that. I’ve always seen both those options considered to be snowballing. The snowball method is that you take the money from a paid off debt and apply it to the next debt - that isn’t confined just to paying lowest balances first method. My bad for not finding out this app only has one payoff plan option and won’t work for me as I want/need to pay off higher interest rate balances first. 2 stars for the inspiration to make my own payoff plan charts like the ones in this app (using a payoff plan from another app that has highest interest rate first option).

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So the entire point of the snowball method is that when you pay off the lowest balance, you add that payment to your payment on the next lowest balance, then when that one is paid off the payments from the paid off loans now go to the next highest and so on. The method is designed to use the amount you already pay every month to help you pay off your debt quickly. The ONLY thing this app does it tell you how long it’s going to take to pay off debt making the minimum payment. It’s literally just a list of payments... all equal and no snowball at all. I don’t need to know how long it’s going to take to do what I’m ally doing I wanted to create a plan to get rid of it faster and have somewhere to track it.