Debt Payoff Calculator
Compare different debt repayment strategies to find the best payoff plan
Your Debts
Debt #1
Debt #2
Debt Summary
Repayment Strategy
Amount you can add to minimum payments each month
Pay only the minimum required amount each month
Payoff Strategy Comparison
Minimum Payment
| Strategy | APR | Monthly Payment | Payoff Time | Total Interest | Interest Savings |
|---|---|---|---|---|---|
| Minimum Payment | 5.19% | $270 | 25 months | $-260.586 | - |
| Debt Consolidation | 5.00% | $164.84 | 36 months | $434.238 | $694.824 |
Payoff Strategy Tips
Avalanche Method
Saves the most money by targeting high-interest debts first
Snowball Method
Builds momentum by paying off smallest balances first
Consolidation
Simplifies payments with a single loan
Minimum Payment
Lowest monthly commitment but highest total cost
Quick Tips
Make Extra Payments
Even small extra amounts can save thousands in interest
Stay Motivated
Track progress and celebrate debt payoff milestones
Avoid New Debt
Don't take on new debt while paying off existing balances
Understanding Debt Payoff Strategies
Choosing the Right Strategy
The best debt payoff strategy depends on your financial situation, personality, and goals. Each method has distinct advantages and considerations.
Strategy Comparison
- ✓Avalanche: Mathematically optimal, saves most money
- ✓Snowball: Psychological wins, builds momentum
- ✓Consolidation: Simplifies management, potential savings
- ✓Minimum: Lowest monthly commitment, highest cost
Factors to Consider
Choose Avalanche If:
- • You're motivated by saving money
- • You have high-interest debt
- • You're disciplined with payments
- • Math motivates you more than quick wins
Choose Snowball If:
- • You need psychological motivation
- • You have many small debts
- • Quick wins keep you motivated
- • Similar interest rates across debts
List All Debts
Gather balances, rates, and minimum payments
Choose Strategy
Select the method that fits your personality
Stay Consistent
Stick to your plan and track progress