Debt Payoff Calculator
Compare debt payoff strategies and create a plan to become debt-free faster
Your Debts
Debt Summary
Total Debt
$31,700
Minimum Payment
$850
Total Interest
$0
Payoff Time
0 months
Debt Payoff Progress
This chart shows how your debt balance decreases over time using the avalanche strategy.
Strategy Comparison
Minimum Payments Only
Debt Avalanche
Pay minimums on all debts, put extra toward highest interest rate debt
Debt Snowball
Pay minimums on all debts, put extra toward lowest balance debt
Debt Avalanche
Focus on paying off debts with the highest interest rates first. This method saves the most money over time but may take longer to see individual debts eliminated.
Debt Snowball
Pay off smallest balances first to build momentum and motivation. While you may pay slightly more in interest, the psychological benefits can help you stick to your plan.
Extra Payments
Any extra money you can put toward debt payoff will dramatically reduce both the time to payoff and total interest paid. Even small amounts make a big difference.