Debt Payoff Calculator

Plan your debt repayment strategy with our free online debt payoff calculator.

Debt Information

Repayment Strategy

Debt Snowball: Pay off smallest debts first for motivation
Debt Avalanche: Pay off highest interest debts first to save money
Fixed Payment: Pay the same amount to each debt

Monthly Payment

Your Debts

Payoff Summary

Total Debt:

$0.00

Total Interest:

$0.00

Time to Pay Off:

0 months

Interest Saved:

$0.00

Principal
Interest
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How to Use the Debt Payoff Calculator

  1. Choose a Repayment Strategy:
    • Debt Snowball: Focuses on paying off debts with the smallest balances first.
    • Debt Avalanche: Focuses on paying off debts with the highest interest rates first.
    • Fixed Payment: Applies the extra payment equally across all debts.
  2. Enter the total Total Monthly Payment you can allocate towards all your debts. This should be more than the sum of minimum payments.
  3. Click "Add Another Debt" to enter details for each of your debts:
    • Debt Name (e.g., Credit Card 1, Student Loan A)
    • Current Balance ($)
    • Annual Interest Rate (%)
  4. Click "Calculate Payoff Plan" to see the summary: total debt, estimated total interest, time to payoff, and potential interest saved compared to minimum payments.
  5. Click "View Payoff Schedule" for a detailed month-by-month plan showing payments applied to each debt.

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