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Debt Payoff Calculator

Create a strategy to eliminate debt faster

Payoff Strategy

Extra Monthly Payment

Amount above minimum payments to accelerate debt payoff

Your Debts

Total Debt
$37,500
Total Min Payments
$825

Payoff Plan Results

Strategy
OPTIMALDebt Avalanche
Debt-Free Date4 years, 8 months
Monthly Payment$1,125
Total Interest Paid$7,170
Extra Payment Benefits
Interest Saved:$8,216
Time Saved:3 years, 5 months

Payoff Order (Highest Rate First)

1
Credit Card 1
$8,000
24% APR
2
Credit Card 2
$2,500
18.5% APR
3
Car Loan
$12,000
8.5% APR
4
Student Loan
$15,000
6.5% APR

Payment Timeline

Year 1 (Month 6)$32,787 remaining
Total interest: $2,037
Year 1 (Month 12)$27,688 remaining
Total interest: $3,688
Year 2 (Month 18)$22,163 remaining
Total interest: $4,913
Year 2 (Month 20)$20,480 remaining
✓ Credit Card 1 paid off!
Total interest: $5,219
Year 2 (Month 24)$17,282 remaining
Total interest: $5,721
Year 3 (Month 25)$16,610 remaining
✓ Credit Card 2 paid off!
Total interest: $5,825
Year 3 (Month 30)$12,798 remaining
Total interest: $6,264
Year 3 (Month 33)$10,722 remaining
✓ Car Loan paid off!
Total interest: $6,464
Year 3 (Month 36)$9,389 remaining
Total interest: $6,631
Year 4 (Month 42)$6,657 remaining
Total interest: $6,899
Year 4 (Month 48)$3,836 remaining
Total interest: $7,078
Year 5 (Month 54)$921 remaining
Total interest: $7,163
Year 5 (Month 56)$0 remaining
✓ Student Loan paid off!
Total interest: $7,170

Debt Payoff Strategies

Avalanche vs Snowball

The avalanche method saves more money by targeting high-interest debt first. The snowball method provides psychological wins by eliminating smaller debts quickly. Choose the method that keeps you motivated to stick with the plan.

Find Extra Money

Look for areas to cut expenses: dining out, subscriptions, entertainment. Consider side income like freelancing or selling items. Even an extra $50-100 per month can dramatically reduce payoff time and interest costs.

Avoid New Debt

Success requires discipline to avoid adding new debt while paying off existing balances. Consider removing credit cards from your wallet and building an emergency fund to prevent future debt accumulation.