Newgirly asked me a very sensible question and one i have never even considered.She asked how much would i be saving by snowballing.
So for the first time i have entered the figures on just paying the basic monthly amount and how scary was that.
Here are the results
|The Bottom Line|
|It will take you 152 months to pay off these debts if you snowball correctly. During that time, you'll pay £5,260.00 in interest.|
This is paying the mortgage at £531.66 a month ,obviously this is all subject to interest rates mine is very low so plan is to keep going and pay off as much as possible and hope the rates dont go up until at least 2017 like some experts are saying.
Once debts are paid off each monthly amount is added to snowball so my monthly payment would be £1,462.00 this would then enable me to pay my mortgage off in 56 months.
By these figures i would pay £1,781.00 in interest. but this is only a rough figure as we will only get to that monthly payment when debts paid off but the difference in interest is not to be sniffed at (if i have done figures correctly)
Sorry about all the different fonts that's what you get for copy and pasting.
Out for a meal tonight with DS and rest of family (well most) as its my birthday tomorrow as well.DS is doing his own thing on Monday ( actual birthday)
Have a good week,a break will do you good.